MIRA
INFORM REPORT
|
Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
2 B MARKETING
|
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Registered Office : |
36, 38, 40
Ramkhamhaeng 60 Road,
Huamark, Bangkapi, |
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Country : |
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Financials (as on) : |
2010 |
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Date of Incorporation : |
1997 |
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Com. Reg. No.: |
0105540083929 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing various
kinds of medical
devices |
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No. of Employees : |
18 |
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 – September 30, 2011
|
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 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
2 B MARKETING
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 36,
38, 40 RAMKHAMHAENG 60
ROAD, HUAMARK,
BANGKAPI, BANGKOK
10240, THAILAND
TELEPHONE : [66] 2735-3331-2,
086 366-0234
FAX :
[66] 2374-6133
E-MAIL
ADDRESS : bm2center@bm2-medical.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1997
REGISTRATION
NO. : 0105540083929
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.
PISITH JONGJAROONRUNGSON, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 18
LINES
OF BUSINESS : MEDICAL DEVICES
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 September 24,
1997 as a
private limited company under
the name style
2 B MARKETING CO., LTD.
by Thai groups,
Jongjaroonrungson family. Its
business objective is to
import and distribute
various kinds of medical
devices to domestic
market. It currently
employs 18 staff.
The
subject’s registered address
is 36, 38, 40 Ramkhamhaeng 60
Rd., Huamark, Bangkapi, Bangkok
10240, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pisith Jongjaroonrungson |
|
Thai |
69 |
|
Mrs. Nittaya Jongjaroonrungson |
|
Thai |
60 |
|
Mr. Sutthipong
Jongjaroonrungson |
|
Thai |
37 |
|
Ms. Jantima Jongjaroonrungson |
|
Thai |
34 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pisith Jongjaroonrungson is
the Managing Director.
He is Thai
nationality with the
age of 69
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
medical devices, such as
electronic wheelchair, stethoscope, blood
pressure monitor, suction
tube, extension tube,
feeding tube, scale,
surgical needles and
materials, surgical gloves,
oxygen gauge and
etc.
MAJOR BRANDS
BESMED, FOCAL,
AP MEDICARE, PUREO, HUB DIC,
THERAPY, YUYUE, CAMRY, HUBDIA,
BREMED, FUNOWA and
etc.
IMPORT
Most of the
products are imported
from Japan, Korea,
Republic of China,
Hong Kong, Italy
and Taiwan, the
remaining is purchased
from local suppliers.
MAJOR SUPPLIERS
Hubdic
Co., Ltd. : Korea
Jiangsu
Yuyue Medical Equipment
Inc. : Republic
of China
Bremed
Ltd. : Hong
Kong
Besmed
Co., Ltd. : Taiwan
SALES
100% of the
products is sold
locally to end-users,
mainly hospitals both
private and government
sectors.
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
according 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
Bangkok
Bank Public Co.,
Ltd. [Klongchan Branch]
Krung
Thai Bank Public
Co., Ltd. [Srinakarin
Branch]
Kasikornbank
Public Co., Ltd. [Huamark Branch]
EMPLOYMENT
The
subject employs 18
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Subject
was formed in 1997 as an importer
and distributor of medical
devices. The products are
served domestic consumption, which
demand remains strong. Subject disclosed
its moderate sales
in the previous
year, as well
as maintaining current
active business.
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 follows:
Bht. 3,000,000
on September 30,
2002
Bht. 5,000,000
on September 2,
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 June 4,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pisith Jongjaroonrungson Nationality: Thai Address : 245/79
Moo 3, Ramkhamhaeng Rd.,
Sapansung, Bangkok |
14,000 |
28.00 |
|
Mrs. Nittaya Jongjaroonrungson Nationality: Thai Address : 245/79
Moo 3, Ramkhamhaeng Rd.,
Sapansung, Bangkok |
12,000 |
24.00 |
|
Mr. Sutthipong
Jongjaroonrungson Nationality: Thai Address : 245/79
Moo 3, Ramkhamhaeng Rd.,
Sapansung, Bangkok |
12,000 |
24.00 |
|
Ms. Jantima Jongjaroonrungson Nationality: Thai Address : 245/79
Moo 3, Ramkhamhaeng Rd.,
Sapansung, Bangkok |
12,000 |
24.00 |
Total Shareholders : 4
Share Structure [as
at June 4,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Paiwal Chuensaensuk No. 9023
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 and Cash Equivalent |
181,656.59 |
15,000.00 |
|
Trade Accounts &
Notes Receivable |
5,889,349.39 |
5,230,666.75 |
|
Inventories |
9,444,766.76 |
8,341,948.84 |
|
Other Current Assets |
1,464,815.97 |
2,281,275.15 |
|
|
|
|
|
Total Current Assets
|
16,980,588.71 |
15,868,890.74 |
|
|
|
|
|
Fixed Assets |
775,339.53 |
1,400,830.24 |
|
Other Assets |
910,250.00 |
- |
|
Total Assets |
18,666,178.24 |
17,269,720.98 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan |
305,987.04 |
1,756,157.66 |
|
Trade Accounts & Notes Payable |
5,063,556.37 |
4,352,107.58 |
|
Accrued Income Tax |
138,348.83 |
130,525.63 |
|
Other Current Liabilities |
3,379,280.78 |
1,865,390.16 |
|
|
|
|
|
Total Current Liabilities |
8,887,173.02 |
8,104,181.03 |
|
|
|
|
|
Loan Payable to Director |
- |
500,000.00 |
|
Total Liabilities |
8,887,173.02 |
8,604,181.03 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
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 |
4,779,005.22 |
3,665,539.95 |
|
Total Shareholders' Equity |
9,779,005.22 |
8,665,539.95 |
|
Total Liabilities & Shareholders' Equity |
18,666,178.24 |
17,269,720.98 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
53,786,646.10 |
48,553,074.20 |
|
Gain on Disposal
of Assets |
480,372.83 |
93,456.94 |
|
Other Income |
155,701.66 |
14,560.97 |
|
Total Revenues |
54,422,720.59 |
48,661,092.11 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
39,159,973.32 |
36,094,674.60 |
|
Selling Expenses |
2,125,669.79 |
823,042.20 |
|
Administrative Expenses |
11,760,499.46 |
10,564,164.82 |
|
Total Expenses |
53,046,142.57 |
47,481,881.62 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,376,578.02 |
1,179,210.49 |
|
Financial Cost |
[45,945.37] |
[97,459.59] |
|
Profit / [Loss] before Income
Tax |
1,330,632.65 |
1,081,750.90 |
|
Income Tax |
[217,167.38] |
[200,547.57] |
|
|
|
|
|
Net Profit / [Loss] |
1,113,465.27 |
881,203.33 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.91 |
1.96 |
|
QUICK RATIO |
TIMES |
0.68 |
0.65 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
69.37 |
34.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.88 |
2.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
88.03 |
84.36 |
|
INVENTORY TURNOVER |
TIMES |
4.15 |
4.33 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
39.97 |
39.32 |
|
RECEIVABLES TURNOVER |
TIMES |
9.13 |
9.28 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.20 |
44.01 |
|
CASH CONVERSION CYCLE |
DAYS |
80.80 |
79.67 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
72.81 |
74.34 |
|
SELLING & ADMINISTRATION |
% |
25.82 |
23.45 |
|
INTEREST |
% |
0.09 |
0.20 |
|
GROSS PROFIT MARGIN |
% |
28.38 |
25.88 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.56 |
2.43 |
|
NET PROFIT MARGIN |
% |
2.07 |
1.81 |
|
RETURN ON EQUITY |
% |
11.39 |
10.17 |
|
RETURN ON ASSET |
% |
5.97 |
5.10 |
|
EARNING PER SHARE |
BAHT |
22.27 |
17.62 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.91 |
0.99 |
|
TIME INTEREST EARNED |
TIMES |
29.96 |
12.10 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
10.78 |
|
|
OPERATING PROFIT |
% |
16.74 |
|
|
NET PROFIT |
% |
26.36 |
|
|
FIXED ASSETS |
% |
(44.65) |
|
|
TOTAL ASSETS |
% |
8.09 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
28.38 |
Impressive |
Industrial
Average |
20.23 |
|
Net Profit Margin |
2.07 |
Acceptable |
Industrial
Average |
2.86 |
|
Return on Assets |
5.97 |
Impressive |
Industrial
Average |
3.25 |
|
Return on Equity |
11.39 |
Impressive |
Industrial
Average |
9.91 |
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 28.38%. 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 2.07%.
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. Return on Assets ratio is
5.97%, 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 ratio
is 11.39%, 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 |
1.91 |
Impressive |
Industrial
Average |
1.46 |
|
Quick Ratio |
0.68 |
|
|
|
|
Cash Conversion Cycle |
80.80 |
|
|
|
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 1.91 times in 2010, decreased from 1.96 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 0.68 times in 2010,
increased from 0.65 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 81 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Impressive |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
0.91 |
Impressive |
Industrial
Average |
1.99 |
|
Times Interest Earned |
29.96 |
Impressive |
Industrial
Average |
2.01 |
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 29.97 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 0.48 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 |
69.37 |
Impressive |
Industrial
Average |
3.39 |
|
Total Assets Turnover |
2.88 |
Impressive |
Industrial
Average |
1.14 |
|
Inventory Conversion Period |
88.03 |
|
|
|
|
Inventory Turnover |
4.15 |
Impressive |
Industrial
Average |
3.13 |
|
Receivables Conversion Period |
39.97 |
|
|
|
|
Receivables Turnover |
9.13 |
Impressive |
Industrial
Average |
3.01 |
|
Payables Conversion Period |
47.20 |
|
|
|
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.