MIRA
INFORM REPORT
|
Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
Siam Medical Management Co., LTD. |
|
|
|
|
Registered Office : |
99/125 Soi Vacharaphol 10, Vacharaphol Road, Klongthanon, Saimai, Bangkok 10220 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.05.2000 |
|
|
|
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Com. Reg. No.: |
0105543042034 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in providing complete range of medical management services e.g. inventory, preventive maintenance, calibration, corrective maintenance, spare parts and training service for medical equipment’s. |
|
|
|
|
No. of Employees : |
15 |
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 |
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|
|
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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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
Thailand achieved steady growth due largely to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand is trying to maintain growth by encouraging
domestic consumption and public investment to offset weak exports in 2012.
Unemployment, at less than 1% of the labor force, stands as one of the lowest
levels in the world, which puts upward pressure on wages in some industries.
Thailand also attracts nearly 2.5 million migrant workers from neighboring
countries. The Thai government is implementing a nation-wide 300 baht ($10) per
day minimum wage policy and deploying new tax reforms designed to lower rates
on middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic severely cut Thailand's
exports, with most sectors experiencing double-digit drops. In 2009, the
economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%,
its fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. Industry
recovered from the second quarter of 2012 onward with GDP growth at 5.5% in
2012. The government has approved flood mitigation projects worth $11.7
billion, which were started in 2012, to prevent similar economic damage, and an
additional $75 billion for infrastructure over the next seven years with a plan
to start in 2013.
Source
: CIA
Company Name
SIAM
MEDICAL MANAGEMENT CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 99/125 SOI
VACHARAPHOL 10, VACHARAPHOL ROAD,
KLONGTHANON, SAIMAI,
BANGKOK 10220
TELEPHONE : [66] 2153-0911-2
FAX :
[66] 2153-0809
E-MAIL
ADDRESS : manit@siammed.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543042034
TAX
ID NO. : 3030098740
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MANIT JIRAPATPONGSAKORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : MEDICAL MAMAGEMENT
SERVICE PROVIDER
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 May 1,
2000 as a
private limited company under
the registered name
SIAM MEDICAL MANAGEMENT
CO., LTD., by
Thai groups, with the
business objective to provide
complete range of
medical management services.
It currently employs
15 staff.
The subject’s registered address is 99/125
Soi Vacharaphol 10, Vacharaphol Rd., Klongthanon, Saimai,
Bangkok 10220, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Manit Jirapatpongsakorn |
|
Thai |
51 |
|
Mrs. Umaporn Decharak |
|
Thai |
50 |
AUTHORIZED PERSON
One of the above directors can sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Manit Jirapatpongsakorn is the Managing
Director.
He is Thai
nationality with the
age of 51
years old.
BUSINESS OPERATIONS
The subject
is engaged in
providing complete range
of medical management
services e.g. inventory,
preventive maintenance, calibration,
corrective maintenance, spare
parts and training
service for medical
equipment’s. Most of
services are for
hospital and medical
center.
PURCHASE
100%
of purchasing is
from local supplier.
SERVICES
100% of services
is for local
end-users both private
and government sectors.
MAJOR CUSTOMERS
Taksin Hospital
Rajavithi Hospital
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
Services 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.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The
subject currently employs
15 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in residential area.
COMMENT
The
subject has an
experience in the medical
survey for years.
It has served
a number of
hospitals and medical centers of
their tools and
supplies which have
more than 3,000 units
and storage system
for use in
the administration managed
by the subject.
It takes a
quick exploring with
experience team and
efficient service.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Manit Jirapatpongsakorn Nationality: Thai Address : 99/125
Moo 4, Klongthanon, Saimai,
Bangkok |
11,699 |
58.49 |
|
Mrs. Umaporn Decharak Nationality: Thai Address : 346/117
Soi Suayaiuthis Road,
Chankasem,
Jatujak, Bangkok |
7,000 |
35.00 |
|
Mrs. Vorawanna
Jirapatpongsakorn Nationality: Thai Address :
77/231 Moo 7,
Saimai, Bangkok |
1,000 |
5.00 |
|
Mr. Panumart Decharak Nationality: Thai Address : 346/117
Soi Suayaiuthis Road,
Chankasem, Jatujak, Bangkok
|
300 |
1.50 |
|
Ms. Jularat Jirapatpongsakorn Nationality: Thai Address : 2
Samutbanharn Rd., Naimuang,
Muang, Nakornpanom
|
1 |
0.01 |
Total Shareholders : 5
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Pavinee Suwanich No.
2121
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,175,093.03 |
160,467.02 |
484,537.89 |
|
Trade Accounts &
Other Receivable |
3,714,763.43 |
6,687,790.06 |
4,120,083.97 |
|
Short-term Lending |
3,000.00 |
- |
- |
|
Other Current Assets
|
- |
- |
649,895.97 |
|
|
|
|
|
|
Total Current Assets
|
4,892,856.46 |
6,848,257.08 |
5,254,517.83 |
|
Long-term Investment
|
108,919.33 |
- |
565,145.56 |
|
Fixed Assets |
2,047,318.47 |
1,455,555.90 |
1,011,878.85 |
|
Other Non - current Assets |
454,447.63 |
327,531.00 |
322,531.00 |
|
Total Assets |
7,503,541.89 |
8,631,343.98 |
7,154,073.24 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
10,728.32 |
- |
- |
|
Trade Accounts & Other
Payable |
1,421,520.23 |
3,158,289.56 |
184,412.75 |
|
Current Portion of
Long-term Liabilities |
159,120.00 |
159,120.00 |
139,735.44 |
|
Short-term Loan from Related
Company |
- |
- |
63,708.59 |
|
Other Current Liabilities |
- |
- |
2,888,020.46 |
|
|
|
|
|
|
Total Current Liabilities |
1,591,368.55 |
3,317,409.56 |
3,275,877.24 |
|
Long-term Loan |
265,200.00 |
424,320.00 |
- |
|
Estimated Liabilities for Employee Benefits |
510,205.00 |
- |
- |
|
Other Non-current Liabilities |
16,500.00 |
15,000.00 |
9,600.00 |
|
Total Liabilities |
2,383,273.55 |
3,756,729.56 |
3,285,477.24 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earnings: Appropriated for Statutory Reserve |
200,000.00 |
200,000.00 |
200,000.00 |
|
Unappropriated |
2,920,268.34 |
2,674,614.42 |
1,668,596.00 |
|
Total Shareholders' Equity |
5,120,268.34 |
4,874,614.42 |
3,868,596.00 |
|
Total Liabilities &
Shareholders' Equity |
7,503,541.89 |
8,631,343.98 |
7,154,073.24 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
- |
- |
86,852.43 |
|
Service Income |
13,417,355.21 |
14,846,450.42 |
12,233,351.20 |
|
Other Income |
41,027.91 |
26,109.83 |
49,170.76 |
|
Total Revenues |
13,458,383.12 |
14,872,560.25 |
12,369,374.39 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Service |
7,223,301.44 |
7,298,813.96 |
5,957,831.70 |
|
Selling Expenses |
2,109,391.01 |
2,655,811.84 |
491,778.19 |
|
Administrative Expenses |
3,729,736.44 |
3,683,769.43 |
5,336,773.15 |
|
Loss on Exchange Rate |
2,632.38 |
59.09 |
2,628.02 |
|
Total Expenses |
13,065,061.27 |
13,638,454.32 |
11,789,011.06 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
393,321.85 |
1,234,105.93 |
580,363.33 |
|
Financial Costs |
[30,848.41] |
[34,783.74] |
[39,077.32] |
|
Profit before Income
Tax |
362,473.44 |
1,199,322.19 |
541,286.01 |
|
Income Tax |
[116,819.52] |
[193,303.77] |
[65,425.86] |
|
|
|
|
|
|
Net Profit / [Loss] |
245,653.92 |
1,006,018.42 |
475,860.15 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.07 |
2.06 |
1.60 |
|
QUICK RATIO |
TIMES |
3.07 |
2.06 |
1.41 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.55 |
10.20 |
12.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.79 |
1.72 |
1.72 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
101.05 |
164.42 |
122.06 |
|
RECEIVABLES TURNOVER |
TIMES |
3.61 |
2.22 |
2.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
71.83 |
157.94 |
11.30 |
|
CASH CONVERSION CYCLE |
DAYS |
29.22 |
6.48 |
110.76 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
53.84 |
49.16 |
48.36 |
|
SELLING & ADMINISTRATION |
% |
43.52 |
42.70 |
47.31 |
|
INTEREST |
% |
0.23 |
0.23 |
0.32 |
|
GROSS PROFIT MARGIN |
% |
46.47 |
51.01 |
52.04 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.93 |
8.31 |
4.71 |
|
NET PROFIT MARGIN |
% |
1.83 |
6.78 |
3.86 |
|
RETURN ON EQUITY |
% |
4.80 |
20.64 |
12.30 |
|
RETURN ON ASSET |
% |
3.27 |
11.66 |
6.65 |
|
EARNING PER SHARE |
BAHT |
12.28 |
50.30 |
23.79 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.32 |
0.44 |
0.46 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.47 |
0.77 |
0.85 |
|
TIME INTEREST EARNED |
TIMES |
12.75 |
35.48 |
14.85 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.63) |
20.50 |
|
|
OPERATING PROFIT |
% |
(68.13) |
112.64 |
|
|
NET PROFIT |
% |
(75.58) |
111.41 |
|
|
FIXED ASSETS |
% |
40.66 |
43.85 |
|
|
TOTAL ASSETS |
% |
(13.07) |
20.65 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -9.63%. Turnover has decreased from THB
14,846,450.42 in 2010 to THB 13,417,355.21 in 2011. While net profit has decreased
from THB 1,006,018.42 in 2010 to THB 245,653.92 in 2011. And total assets has
decreased from THB 8,631,343.98 in 2010 to THB 7,503,541.89 in 2011.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
46.47 |
Impressive |
Industrial
Average |
29.55 |
|
Net Profit Margin |
1.83 |
Deteriorated |
Industrial
Average |
4.62 |
|
Return on Assets |
3.27 |
Deteriorated |
Industrial
Average |
6.99 |
|
Return on Equity |
4.80 |
Deteriorated |
Industrial
Average |
12.48 |
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 46.47%. When compared with the industry
average, the ratio of the company was higher, 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 1.83%.
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 3.27%.
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 4.8%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
3.07 |
Impressive |
Industrial
Average |
2.10 |
|
Quick Ratio |
3.07 |
|
|
|
|
Cash Conversion Cycle |
29.22 |
|
|
|
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 3.07 times in 2011, increased from 2.06 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 3.07 times in 2011,
increased from 2.06 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 30 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.32 |
Impressive |
Industrial
Average |
0.37 |
|
Debt to Equity Ratio |
0.47 |
Impressive |
Industrial
Average |
0.63 |
|
Times Interest Earned |
12.75 |
Impressive |
Industrial
Average |
4.76 |
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 12.76 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 0.32 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 Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.55 |
Impressive |
Industrial
Average |
4.29 |
|
Total Assets Turnover |
1.79 |
Impressive |
Industrial
Average |
1.51 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
6.04 |
|
Receivables Conversion Period |
101.05 |
|
|
|
|
Receivables Turnover |
3.61 |
Acceptable |
Industrial
Average |
5.34 |
|
Payables Conversion Period |
71.83 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.61 and 2.22 in
2011 and 2010 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2011
increased from 2010. This would suggest the company had good performance in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 1.79 times and 1.72
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.