MIRA INFORM REPORT
|
Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MARTINA BIOGENICS LIMITED |
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Formerly Known as: |
LABORATORY
ANALYTICAL SERVICES [THAILAND]
LTD |
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Registered Office : |
210/4 Khubon Road, Ramindra, Kannayao, Bangkok 10230 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.02.2011 |
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Com. Reg. No.: |
0105554033741 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Service of Laboratory and Analysis
Chemicals |
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No. of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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
MARTINA BIOGENICS LIMITED
SUMMARY
BUSINESS ADDRESS : 210/4 KHUBON ROAD,
RAMINDRA,
KANNAYAO, BANGKOK
10230
TELEPHONE : [66] 2945-0445,
083 198-0111
FAX : [66] 2943-3596
E-MAIL ADDRESS : aksaha@mitrasa.co.in
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2011
REGISTRATION NO. : 0105554033741
TAX ID NO. : 3034378367
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 80.20%
HONG KONG : 19.80%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
NAMRATA SINGH, THAI
MANAGING DIRECTOR
NO. OF STAFF : 2
LINES OF BUSINESS : LABORATORY AND
ANALYSIS CHEMICALS
IMPORTER, DISTRIBUTOR
AND SERVICE
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on February
2, 2011 as a
private limited company under
the originally registered
name “Laboratory Analytical Services
[Thailand] Ltd.” by Thai
and Hong Kong
groups. On December
6, 2012, its
registered name was
changed to MARTINA
BIOGENICS LIMITED. Its
business objective is to
import and distribute
various kinds of
technical laboratory and
analysis chemicals for minerals as
well as testing and technical analysis
service. It currently
employs 2 staff.
The subject’s registered
address is 210/4
Khubon Road, Ramindra,
Kannayao, Bangkok 10230,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
|
|
|
Ms. Namrata Singh |
|
Thai |
22 |
|
Mrs. Malta Singh |
|
Thai |
37 |
|
Mr. Pradeep Kumar Singh |
|
Indian |
44 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Namrata Singh is
the Managing Director.
She is Thai
nationality with the
age of 22
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds
of technical laboratory
and analysis chemicals
for minerals, such
as limestone, dolomite,
gypsum, coal, iron
and etc. The
subject also provides
testing and technical analysis service.
PURCHASE
The products are
purchased from suppliers
both domestic and overseas,
mainly in India,
Republic of China
and Hong Kong.
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
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.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently
employs 2 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject’s business
performance in the
past two years
were slow. Sales
would increase accordingly
to demand from related
business, which is
growing steadily. It
is expected that
the subject would
have a better
change from the
previous years.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,000,000 divided
into 20,000 shares of Bht.
100 each with
fully paid.
On July 17,
2013, the 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
July 14, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Namrata Singh Nationality: Thai Address : 137/257
Moo 5, Tharaeng,
Bangkhen,
Bangkok |
40,098 |
80.20 |
|
Mitra S.K. Hong
Kong Limited Nationality: Hong Kong Address : 6th Floor,
China Insurance Building, 141 Des
Voeux Rd., Central,
Hong Kong |
9,900 |
19.80 |
|
Mr. Nishant Chand Nationality: Thai Address : 336/38
Rama 4 Rd.,
Mahaprutharam, Bangrak, Bangkok |
1 |
- |
|
Mr. Chudant Chand Nationality: Thai Address : 336/38
Rama 4 Rd.,
Mahaprutharam,
Bangrak, Bangkok |
1 |
- |
Total Shareholders : 4
Share Structure
[as at July
14, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
40,100 |
80.20 |
|
Foreign - Hong Kong |
1 |
9,900 |
19.80 |
|
Total |
4 |
50,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Orapin Jailak No.
9296
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2012 & 2011
were:
ASSETS
|
Current Assets |
2012 |
2011 |
|
|
|
|
|
Cash and Cash
Equivalents |
6,171.24 |
126,054.71 |
|
Inventories |
- |
168,650.53 |
|
Other Current Assets
|
95,441.80 |
75,093.94 |
|
|
|
|
|
Total Current Assets
|
101,613.04 |
369,799.18 |
|
Equipment |
408,981.67 |
652,773.54 |
|
Other Non-current Assets |
8,000.00 |
24,500.00 |
|
Total Assets |
518,594.71 |
1,047,072.72 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
|
|
|
|
|
Other Payable |
20,320.00 |
44,650.00 |
|
|
|
|
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Total Current Liabilities |
20,320.00 |
44,650.00 |
|
Long-term Loan from
Related Person |
1,055,000.00 |
661,000.00 |
|
Total Liabilities |
1,075,320.00 |
705,650.00 |
|
|
|
|
|
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 |
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning -
Unappropriated |
[2,556,725.29] |
[1,658,577.28] |
|
Total Shareholders' Equity |
[556,725.29] |
341,422.72 |
|
Total Liabilities & Shareholders' Equity |
518,594.71 |
1,047,072.72 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
|
|
|
|
|
Operating Income |
666,000.00 |
- |
|
Other Income |
- |
708.77 |
|
Total Revenues |
666,000.00 |
708.77 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Service
|
296,784.30 |
- |
|
Administrative Expenses |
1,267,363.71 |
1,659,286.05 |
|
Total Expenses |
1,564,148.01 |
1,659,286.05 |
|
|
|
|
|
Net Profit / [Loss] |
[898,148.01] |
[1,658,577.28] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
5.00 |
8.28 |
|
QUICK RATIO |
TIMES |
0.30 |
2.82 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.63 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.28 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
44.56 |
- |
|
SELLING & ADMINISTRATION |
% |
190.29 |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
55.44 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(134.86) |
- |
|
NET PROFIT MARGIN |
% |
(134.86) |
- |
|
RETURN ON EQUITY |
% |
- |
(485.78) |
|
RETURN ON ASSET |
% |
(173.19) |
(158.40) |
|
EARNING PER SHARE |
BAHT |
(44.91) |
(82.93) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
2.07 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
(1.93) |
2.07 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
OPERATING PROFIT |
% |
(45.85) |
- |
|
NET PROFIT |
% |
45.85 |
- |
|
FIXED ASSETS |
% |
(37.35) |
- |
|
TOTAL ASSETS |
% |
(50.47) |
- |
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
55.44 |
Acceptable |
Industrial Average |
91.61 |
|
Net Profit Margin |
(134.86) |
Deteriorated |
Industrial Average |
8.09 |
|
Return on Assets |
(173.19) |
Deteriorated |
Industrial Average |
8.41 |
|
Return on Equity |
- |
|
Industrial Average |
20.79 |
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 55.44%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have 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 -134.86%.
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 -173.19%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
5.00 |
Impressive |
Industrial Average |
1.11 |
|
Quick Ratio |
0.30 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 5.0 times in 2012, decreased from 8.28 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 0.3 times in 2012,
decreased from 2.82 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
2.07 |
Risky |
Industrial Average |
0.55 |
|
Debt to Equity Ratio |
(1.93) |
Risky |
Industrial Average |
1.35 |
|
Times Interest Earned |
- |
|
Industrial Average |
2.53 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 2.07 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.63 |
Impressive |
Industrial Average |
0.74 |
|
Total Assets Turnover |
1.28 |
Impressive |
Industrial Average |
1.01 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
10.93 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
1.81 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 1.28 times and 0
times in 2012 and 2011 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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.