MIRA
INFORM REPORT
|
Report Date : |
28.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BIOZEN CO., LTD. |
|
|
|
|
Registered Office : |
23 Soi Onnuch 62, Onnuch Road, Suanluang, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
20.03.1995 |
|
|
|
|
Com. Reg. No.: |
0105538035475 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Medical Equipment and Lab Instrument |
|
|
|
|
No. of Employees : |
70 |
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 |
|
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 enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
Source
: CIA
Company name
BIOZEN
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 23
SOI ONNUCH 62,
ONNUCH ROAD,
SUANLUANG, BANGKOK
10250, THAILAND
TELEPHONE : [66] 2704-6407
FAX :
[66] 2704-6229
E-MAIL
ADDRESS : admin@biozen.co.th
biozen02@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538035475
TAX
ID NO. : 3011554500
CAPITAL REGISTERED : BHT. 18,000,000
CAPITAL PAID-UP : BHT.
18,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JIRADECH THEPCHUAY,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 70
LINES
OF BUSINESS : MEDICAL EQUIPMENT
AND LAB INSTRUMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on March 20,
1995 as a
private limited company
under the registered
name BIOZEN CO.,
LTD. by Thai groups,
with the business objective
to import and
distribute various kinds
of medical equipment
and lab instruments
to domestic market.
It currently employs
approximately 70 staff.
The
subject’s registered address
is 23 Soi
Onnuch 62, Onnuch Rd., Suanluang,
Bangkok 10250, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Jiradech Thepchuay
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Jiradech Thepchuay is
the Managing Director.
He is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of medical equipment,
such as automated
chemistry analyzer, semi-automated chemistry
analyzer, electrolyte analyzer,
urine strip reader,
ESR system analyzer,
as well as
lab instruments.
MAJOR BRAND
“APEL”, “BIOTECNICA”,
“VACUTEST KIMA”, “ERBA
MANNHEIM”
PURCHASE
90% of the
products is imported
from Japan, France,
Italy, Republic of
China, India, and
Germany, the remaining
10% is purchased
from local suppliers.
MAJOR
SUPPLIERS
Apel
Co., Ltd. : Japan
Biotecnica
S.p.a. : Italy
Vacutest
Kima S.r.l. : Italy
Erba
Diagnostics Mannheim GmbH. : Germany
SALES
100% of the
products is sold
locally by wholesale
to end-users mainly
hospital and medical
center nationwide 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
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
D/A and T/T.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The subject currently
employs approximately 70
staff.
LOCATION DETAILS
The
premise is rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse
is located at
330 Soi Onnuch
40, Onnuch Rd.,
Suanluang, Bangkok 10250.
COMMENT
The
subject’s operating performance
in 2011 was
satisfactory with an
increase in both sales
revenue and net
profit comparing to
the previous year’s
level. There is
a high
demand of medical
equipment and supplies from
both private and
public hospitals on
a yearly basis
in relation to the
growth of healthcare
industry. Its business is
promising and growing considerably.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 30,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on July 3,
1996
Bht. 18,000,000
on December 11, 2002
The
latest registered capital
was increased to
Bht. 18,000,000 divided
into 180,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
June 6, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Jiradech Thepchuay Nationality: Thai Address : 23
Soi Onnuch 62,
Onnuch Rd.,
Suanluang, Bangkok |
100,000 |
55.56 |
|
Ms. Jarunee Thepchuay Nationality: Thai Address : 555/140
Moo 1, Theparak
Rd., Praeksamai, Muang,
Samutprakarn |
40,000 |
22.22 |
|
Mr. Jaruek Thepchuay Nationality: Thai Address : 274
Moo 6, Samrongnua,
Muang,
Samutprakarn |
40,000 |
22.22 |
Total Shareholders : 3
Share Structure [as
at June 6,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
180,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
180,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Rangsarit Duangnate No.
1418
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 |
3,175,361.97 |
5,956,491.41 |
3,177,690.15 |
|
Trade Accounts &
Other Receivable |
136,770,751.69 |
118,661,850.09 |
93,786,607.35 |
|
Inventories |
13,989,829.77 |
15,092,064.68 |
13,715,892.48 |
|
Other Current Assets
|
246,511.21 |
- |
9,083,370.37 |
|
|
|
|
|
|
Total Current Assets
|
154,182,454.64 |
139,710,406.18 |
119,763,560.35 |
|
|
|
|
|
|
Fixed Assets |
47,523,722.14 |
45,524,889.84 |
45,275,734.78 |
|
Other Non-current Assets |
232,407.24 |
694,291.22 |
3,178,630.59 |
|
Total Assets |
201,938,584.02 |
185,929,587.24 |
168,217,925.72 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
6,729,442.29 |
10,456,203.19 |
5,001,142.49 |
|
Accrued Income Tax |
686,242.44 |
467,557.48 |
- |
|
Other Current Liabilities |
1,319,498.39 |
1,582,417.38 |
5,709,109.48 |
|
|
|
|
|
|
Total Current Liabilities |
8,735,183.12 |
12,506,178.05 |
10,710,251.97 |
|
Long-term Loan |
142,212,894.66 |
128,812,894.66 |
117,359,161.50 |
|
Long-term Loan from Person
or Related Company |
- |
- |
23,211.99 |
|
Other Non-current Liabilities |
- |
- |
185,694.85 |
|
Total Liabilities |
150,948,077.78 |
141,319,072.71 |
128,278,320.31 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 180,000 shares |
18,000,000.00 |
18,000,000.00 |
18,000,000.00 |
|
|
|
|
|
|
Capital Paid |
18,000,000.00 |
18,000,000.00 |
18,000,000.00 |
|
Retained Earning Unappropriated |
32,990,506.24 |
26,610,514.53 |
21,939,605.41 |
|
Total Shareholders' Equity |
50,990,506.24 |
44,610,514.53 |
39,939,605.41 |
|
Total Liabilities & Shareholders' Equity |
201,938,584.02 |
185,929,587.24 |
168,217,925.72 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
168,561,621.30 |
155,599,988.14 |
133,256,976.46 |
|
Other Income |
113,300.12 |
6,420,051.73 |
5,104,894.67 |
|
Total Revenues |
168,674,921.42 |
162,020,039.87 |
138,361,871.13 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
68,521,264.60 |
62,556,062.83 |
62,978,453.57 |
|
Selling Expenses |
42,306,651.42 |
44,105,901.21 |
28,486,810.71 |
|
Administrative Expenses |
47,994,652.35 |
47,120,875.02 |
41,295,481.11 |
|
Other Expenses |
637,262.55 |
1,236,446.08 |
742,307.63 |
|
Total Expenses |
159,459,830.92 |
155,019,285.14 |
133,503,053.02 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income
Tax |
9,215,090.50 |
7,000,754.73 |
4,858,818.11 |
|
Financial Costs |
- |
- |
[691.40] |
|
Profit / [Loss] before Income
Tax |
9,215,090.50 |
7,000,754.73 |
4,858,126.71 |
|
Income Tax |
[2,835,098.79] |
[2,329,845.61] |
[1,831,599.93] |
|
|
|
|
|
|
Net Profit / [Loss] |
6,379,991.71 |
4,670,909.12 |
3,026,526.78 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
17.65 |
11.17 |
11.18 |
|
QUICK RATIO |
TIMES |
16.02 |
9.96 |
9.05 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.55 |
3.42 |
2.94 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.83 |
0.84 |
0.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
74.52 |
88.06 |
79.49 |
|
INVENTORY TURNOVER |
TIMES |
4.90 |
4.14 |
4.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
296.16 |
278.35 |
256.89 |
|
RECEIVABLES TURNOVER |
TIMES |
1.23 |
1.31 |
1.42 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
35.85 |
61.01 |
28.98 |
|
CASH CONVERSION CYCLE |
DAYS |
334.84 |
305.40 |
307.40 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
40.65 |
40.20 |
47.26 |
|
SELLING & ADMINISTRATION |
% |
53.57 |
58.63 |
52.37 |
|
INTEREST |
% |
- |
- |
0.00 |
|
GROSS PROFIT MARGIN |
% |
59.42 |
63.92 |
56.57 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.47 |
4.50 |
3.65 |
|
NET PROFIT MARGIN |
% |
3.78 |
3.00 |
2.27 |
|
RETURN ON EQUITY |
% |
12.51 |
10.47 |
7.58 |
|
RETURN ON ASSET |
% |
3.16 |
2.51 |
1.80 |
|
EARNING PER SHARE |
BAHT |
35.44 |
25.95 |
16.81 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.76 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.96 |
3.17 |
3.21 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
7,027.51 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.33 |
16.77 |
|
|
OPERATING PROFIT |
% |
31.63 |
44.08 |
|
|
NET PROFIT |
% |
36.59 |
54.33 |
|
|
FIXED ASSETS |
% |
4.39 |
0.55 |
|
|
TOTAL ASSETS |
% |
8.61 |
10.53 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 8.33%. Turnover has increased from THB
155,599,988.14 in 2010 to THB 168,561,621.30 in 2011. While net profit has
increased from THB 4,670,909.12 in 2010 to THB 6,379,991.71 in 2011. And total
assets has increased from THB 185,929,587.24 in 2010 to THB 201,938,584.02 in
2011.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
59.42 |
Impressive |
Industrial
Average |
27.99 |
|
Net Profit Margin |
3.78 |
Impressive |
Industrial
Average |
2.26 |
|
Return on Assets |
3.16 |
Satisfactory |
Industrial
Average |
3.26 |
|
Return on Equity |
12.51 |
Impressive |
Industrial
Average |
8.23 |
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. Gross Profit Margin is 59.42%. 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. Net Profit Margin ratio is 3.78%,
higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant position within its industry.
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 3.16%.
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 12.51%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
17.65 |
Impressive |
Industrial
Average |
1.54 |
|
Quick Ratio |
16.02 |
|
|
|
|
Cash Conversion Cycle |
334.84 |
|
|
|
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 17.65 times in 2011, increase from 11.17 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 16.02 times in 2011,
increase from 9.96 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 335 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
2.96 |
Risky |
Industrial
Average |
1.54 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.05 |
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 0.75 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.55 |
Acceptable |
Industrial
Average |
5.50 |
|
Total Assets Turnover |
0.83 |
Acceptable |
Industrial
Average |
1.44 |
|
Inventory Conversion Period |
74.52 |
|
|
|
|
Inventory Turnover |
4.90 |
Impressive |
Industrial
Average |
3.97 |
|
Receivables Conversion Period |
296.16 |
|
|
|
|
Receivables Turnover |
1.23 |
Acceptable |
Industrial
Average |
2.31 |
|
Payables Conversion Period |
35.85 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.23 and 1.31 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
decreased from 2010. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 88 days at the
end of 2010 to 75 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 4.14 times in year 2010 to 4.9 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.83 times and 0.84
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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
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.