MIRA
INFORM REPORT
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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
BUSICOM CO., LTD. |
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Registered Office : |
23 Soi Sukhumvit
62, Yaek 4 [Tadpring],
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.03.1982 |
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Com. Reg. No.: |
0105525011327 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Pharmaceutical Chemical |
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No. of Employees : |
30 |
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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 : |
Slow but correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
Source : CIA
Company name
BUSICOM
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 23 SOI SUKHUMVIT 62, YAEK 4
[TADPRING],
TELEPHONE : [66] 2332-8290-6
FAX :
[66] 2332-5588
E-MAIL ADDRESS : busicom@ji-net.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED
: 1982
REGISTRATION NO. : 0105525011327 [Former
: 1132/2525]
TAX
ID NO. : 3101177725
CAPITAL REGISTERED : BHT.
50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUTHINAI THANESVORAKUL, THAI
PRESIDENT
NO.
OF STAFF : 30
LINES
OF BUSINESS : PHARMACEUTICAL CHEMICAL
IMPORTER AND
DISTRIBUTOR
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
29, 1982 as
a private limited
company under the
name style BUSICOM
CO., LTD., by
Thai group, Thanesvorakul
family, in order
to distribute chemical
for pharmaceutical industry.
It currently employs
approximate 30 staff.
The subject’s registered
address is 23
Soi Sukhumvit 62,
Yaek 4 [Tadpring], Sukhumvit
Rd., Bangchak, Prakanong,
Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Suthinai Thanesvorakul |
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Thai |
62 |
|
Mrs. Karnda Thanesvorakul |
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Thai |
59 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suthinai Thanesvorakul is
the President.
He is Thai
nationality with the
age of 62
years old.
Mrs. Karnda Thanesvorakul is
the Finances &
Accounts Manager.
She is Thai
nationality with the
age of 59
years old.
Mr. Somwang Kittikathakul is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of pharmaceutical chemicals
especially for pharmaceutical industry,
under customer’s order.
PURCHASE
80% of the
products is imported
from overseas suppliers
in Singapore, Republic
of China, Japan,
United Kingdom, Italy,
Denmark, Netherlands, Australia,
Germany, Taiwan, India,
Hong Kong, Malaysia,
Spain and France,
the remaining 20%
is purchased from
local suppliers.
SALES [LOCAL]
100%
of the products
is sold by
wholesale to local
pharmaceutical manufacturers [90%]
and dealers [10%].
SUBSIDIARY AND
AFFILIATED COMPANY
- Busicom Engineering Co.,
Ltd.
Business Type :
Importer of chemical
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.
BUSINESS TRANSACTION
The products are
sold to customers
mainly by credit,
with maximum credit
given at 30-60
days. The subject is not found to have any
problem on its
account receivable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 30 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is
owned for administrative office
in a 3
storey building at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Chemicals for pharmaceutical industry were
the key element for production processes.
Subject had good
business performance during
the past several
years. However, consumption
slowdown from economic
uncertainties had decreased
demand of such
products in 2011.
Nevertheless, in line with
the economic improvement
in 2012, the global
pharmaceutical consumption has
witnessed an uptrend.
Increase demand of chemical for
pharmaceutical has contributed
significantly improve financial
result for the year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each
with fully paid.
The capital was
increased later as
follows :
Bht. 5
million on March
13, 1991
Bht. 25
million on December
30, 1998
Bht. 50
million on April
9, 2009
The latest registered
capital was increased
to Bht. 50 million,
divided into 500,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LIST
WERE : [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
Mr. Suthinai Thanesvorakul Nationality: Thai Address : 52
Soi Ramkhamhaeng 12,
Huamark,
Bangkapi, |
90,000 |
18.00 |
|
Mrs. Karnda Thanesvorakul Nationality: Thai Address :
Bangkapi, |
90,000 |
18.00 |
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Mrs. Netrthip Krisadapong Nationality: Thai Address : 50
Soi Ramkhamhaeng 12,
Huamark,
Bangkapi, |
80,000 |
16.00 |
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Ms. Hataithip Thanesvorakul Nationality: Thai Address : 12/14
Soi Chaiyapruk 12,
Sapansung,
Buengkum, |
80,000 |
16.00 |
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Ms. Tarnthip Thanesvorakul Nationality: Thai Address : 48
Soi Ramkhamhaeng 12,
Huamark,
Bangkapi, |
80,000 |
16.00 |
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Mr. Anol Thanesvorakul Nationality: Thai Address : 12/14
Soi Chaiyapruk 12,
Sapansung, |
80,000 |
16.00 |
Total Shareholders : 6
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
6 |
500,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
6 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Suracha Suparatsuebwong No.
4446
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
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Cash and Cash Equivalents |
57,631.27 |
57,731.27 |
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Trade Accounts & Other Receivable |
102,428,792.20 |
107,695,790.76 |
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Short-term Lending |
31,499,583.50 |
36,450,971.99 |
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Inventories |
31,370,403.74 |
37,645,848.58 |
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Other Current Assets
|
196,500.03 |
866,663.35 |
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Total Current Assets
|
165,552,910.74 |
182,717,005.95 |
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Fixed Assets |
4,975,310.73 |
5,632,005.81 |
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Other Non - current Assets |
41,396,816.52 |
40,754,857.43 |
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Total Assets |
211,925,037.99 |
229,103,869.19 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
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Bank Overdraft from Financial Institutions |
28,314,762.74 |
34,068,854.16 |
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Trade Accounts & Other
Payable |
133,431,997.25 |
141,510,449.78 |
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Short-term Loan |
8,600,000.00 |
5,600,000.00 |
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Other Current Liabilities |
156,711.88 |
657,387.72 |
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Total Current Liabilities |
170,503,471.87 |
181,836,691.66 |
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Other Non-current Liabilities |
12,928,872.76 |
13,035,292.35 |
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Total Liabilities |
183,432,344.63 |
194,871,984.01 |
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Shareholders' Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
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Capital Paid |
50,000,000.00 |
50,000,000.00 |
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Retained Earning - Unappropriated |
[21,507,306.64] |
[15,768,114.82] |
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Total Shareholders' Equity |
28,492,693.36 |
34,231,885.18 |
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Total Liabilities & Shareholders' Equity |
211,925,037.99 |
229,103,869.19 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
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Sales |
286,690,085.05 |
321,942,191.94 |
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Other Income |
40,810.46 |
4,696,684.35 |
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Total Revenues |
286,730,895.51 |
326,638,876.29 |
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Expenses |
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Cost of Goods
Sold |
258,603,098.58 |
294,874,014.02 |
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Selling Expenses |
2,338,876.57 |
4,558,920.07 |
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Administrative Expenses |
26,515,820.45 |
49,982,052.18 |
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Total Expenses |
287,457,795.60 |
349,414,986.27 |
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Profit / Loss] before Financial Costs & Income Tax |
[726,900.09] |
[22,776,109.98] |
|
Financial Costs |
[5,012,291.73] |
[4,889,622.52] |
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Profit / [Loss] before Income Tax |
[5,739,191.82] |
[27,665,732.50] |
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Income Tax |
- |
[1,048,110.63] |
|
Net Profit / [Loss] |
[5,739,191.82] |
[28,713,843.13] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
0.97 |
1.00 |
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QUICK RATIO |
TIMES |
0.79 |
0.79 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
57.62 |
57.16 |
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TOTAL ASSETS TURNOVER |
TIMES |
1.35 |
1.41 |
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INVENTORY CONVERSION PERIOD |
DAYS |
44.28 |
46.60 |
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INVENTORY TURNOVER |
TIMES |
8.24 |
7.83 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
130.41 |
122.10 |
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RECEIVABLES TURNOVER |
TIMES |
2.80 |
2.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
188.33 |
175.16 |
|
CASH CONVERSION CYCLE |
DAYS |
(13.65) |
(6.47) |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
90.20 |
91.59 |
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SELLING & ADMINISTRATION |
% |
10.06 |
16.94 |
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INTEREST |
% |
1.75 |
1.52 |
|
GROSS PROFIT MARGIN |
% |
9.81 |
9.87 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.25) |
(7.07) |
|
NET PROFIT MARGIN |
% |
(2.00) |
(8.92) |
|
RETURN ON EQUITY |
% |
(20.14) |
(83.88) |
|
RETURN ON ASSET |
% |
(2.71) |
(12.53) |
|
EARNING PER SHARE |
BAHT |
(11.48) |
(57.43) |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.87 |
0.85 |
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DEBT TO EQUITY RATIO |
TIMES |
6.44 |
5.69 |
|
TIME INTEREST EARNED |
TIMES |
(0.15) |
(4.66) |
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ANNUAL GROWTH |
|
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SALES GROWTH |
% |
(10.95) |
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OPERATING PROFIT |
% |
(96.81) |
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NET PROFIT |
% |
80.01 |
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FIXED ASSETS |
% |
(11.66) |
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TOTAL ASSETS |
% |
(7.50) |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
9.81 |
Satisfactory |
Industrial
Average |
12.07 |
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Net Profit Margin |
(2.00) |
Deteriorated |
Industrial
Average |
1.82 |
|
Return on Assets |
(2.71) |
Deteriorated |
Industrial
Average |
4.28 |
|
Return on Equity |
(20.14) |
Deteriorated |
Industrial
Average |
11.66 |
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 9.81%. 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%. 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 -2.71%.
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 -20.14%.
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 |
0.97 |
Risky |
Industrial
Average |
1.50 |
|
Quick Ratio |
0.79 |
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Cash Conversion Cycle |
(13.65) |
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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 0.97 times in 2011, decreased from 1.0 times, 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 0.79 times in 2011,
same figure as 0.79 times in 2010, 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 -14 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.87 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
6.44 |
Risky |
Industrial
Average |
1.51 |
|
Times Interest Earned |
(0.15) |
Risky |
Industrial
Average |
3.36 |
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 -0.15 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.87 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 |
57.62 |
Impressive |
Industrial
Average |
10.00 |
|
Total Assets Turnover |
1.35 |
Acceptable |
Industrial
Average |
2.32 |
|
Inventory Conversion Period |
44.28 |
|
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Inventory Turnover |
8.24 |
Impressive |
Industrial
Average |
6.90 |
|
Receivables Conversion Period |
130.41 |
|
|
|
|
Receivables Turnover |
2.80 |
Acceptable |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
188.33 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
|
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.69.74 |
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.