MIRA
INFORM REPORT
|
Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
RamKhamhaeng hospital Public company Limited |
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|
|
|
Registered Office : |
436, Ramkhamhaeng Road, Huamark, Bangkapi, Bangkok - 10240 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
17.01.1976 |
|
|
|
|
Com. Reg. No.: |
0107536000528 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Private Hospital and Medical Service |
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|
|
|
No. of Employees : |
800 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
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 |
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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
RAMKHAMHAENG HOSPITAL PUBLIC
COMPANY LIMITED
SUMMARY
ADDRESS : 436 RAMKHAMHAENG ROAD, HUAMARK,
BANGKAPI, BANGKOK 10240, THAILAND
TELEPHONE : [66] 2743-9999
FAX : [66] 2374-0804
E-MAIL ADDRESS : ramhospital@hotmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1976
REGISTRATION NO. : 0107536000528 [FORMER
: BOR MOR JOR. 126]
CAPITAL REGISTERED : BHT. 150,000,000
CAPITAL PAID-UP : BHT. 120,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : DR. AURCHAT KANJANAPITAK, THAI
MANAGING DIRECTOR
NO. OF STAFF : 800
LINES OF BUSINESS : PRIVATE HOSPITAL AND MEDICAL SERVICE
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 originally registered on November 17, 1976 under the originally registered name “Ramkhamkaeng Hospital Co., Ltd.”, by Thai investors. Its business objective is to operate a private hospital and offers medical service to general patients. It was granted a promotional privilege from the Board of Investment [BOI].
On September 13, 1991 the subject was listed on the Stock Exchange of Thailand [SET], trading under symbol “RAM”, and converted to public company, namely RAMKHAMHAENG HOSPITAL PUBLIC COMPANY LIMITED on June 21, 1993. It currently employs approximately 800 staff.
The subject achieved the quality standard ISO 9001 : 2000 certificate for medical service from Bereau Veritas Quality International [BVQI], and was certified by JCI accreditation from the Joint Commission International Accreditation Standards for Hospital, U.S.A.
The subject’s registered address was initially located at 2138 Ramkhamhaeng Rd., Huamark, Bangkapi, Bangkok 10240.
Since 2010, its registered address has been changed to 436 Ramkhamhaeng Rd., Huamark, Bangkapi, Bangkok 10240, by the Bangkapi District Office, and this is the current subject’s operating address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr. Racha Somburanasin |
[x] Chaiman |
Thai |
74 |
|
Dr. Aurchat Kanjanapitak |
[x] |
Thai |
69 |
|
Dr. Virat Chuen-im |
[x] |
Thai |
76 |
|
Dr. Boonpridi Sirivongs |
[x] |
Thai |
69 |
|
Dr. Chamnan Chanapai |
[x] |
Thai |
69 |
|
Dr. Siripong Luengvarinkul |
|
Thai |
53 |
|
Mr. Kajit Habananaanda |
|
Thai |
75 |
|
Mr. Jermpol Bhumitrakul |
|
Thai |
52 |
|
Mr. Pramol Apirat |
|
Thai |
46 |
|
Dr. Suthee Leelasetakul |
|
Thai |
56 |
|
Mr. Punpat Supaokit |
|
Thai |
31 |
|
Ms. Kittiyarat Wirojdamrongchai |
|
Thai |
59 |
AUTHORIZED PERSON
Two of
the above directors [x] can
jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Dr.
Aurchat Kanjanapitak is
the Managing Director.
He
is Thai nationality
with the age
of 69 years
old.
He
graduated from Facharzt
Fuer Hals - Nasen Ohren Heikunde,
Germany, and Doctor
of Medicine, Essen
University of Germany.
Dr.
Virat Chuen-im is
the Executive Director.
He
is Thai nationality
with the age
of 76 years
old.
He
obtained a Certificate
in Orthopedics from
Hospital Surgery N.Y.,
U.S.A.
Mr. Jermpol
Bhumitrakul is the
Executive Director.
He
is Thai nationality
with the age
of 52 years
old.
Mr. Suthee
Leelasetakul is the
Executive Director.
He
is Thai nationality
with the age
of 56 years
old.
Mr. Boonpridi Sirivongs
is the Executive
Director.
He
is Thai nationality
with the age
of 69 years
old..
Mr. Chamnan
Chanapai is the
Executive Director.
He
is Thai nationality
with the age
of 69 years
old.
Dr. Siripong
Luengvarinkul is the
Executive Director.
He
is Thai nationality
with the age
of 53 years
old.
Mrs.
Vanna Prugmahachaikul is
the Account &
Finance Manager.
She
is Thai nationality.
BUSINESS
OPERATIONS
The
subject is engaged
in private hospital
and offering medical service both inpatient and
out-patient which can accommodate
up to 485
beds patients, providing
medical care in all specialties,
and operates 24
hours everyday.
Medical services are
offered in 16 specialties clinics
& center as
follows:
- Stoke Center
- Bank Pain Center
- Hipreplacement
- Sleep Clinic
- Skin & Laser Center
- Peripheral Vascular Cath
lab for Diabetic
Foot Center
- Laser Eye Surgery
Clinic
- Heart Center
- The CT-Scan 64
Slices
- Holter Monitor
- Echocardiogram
- Cardiao Catheteriztion
- PTCA
- Stents
- Coronary Artery Bypass
Graft Surgery
- Heart Value Disease
The hospital
uses the latest
technologies and medical
equipment for patient
as the followings:
- CT scan 64
slice
- Ultrasound Carotid
- Digital mammography
- Magnetic Resonance Imaging
[M.R.I.]
- Laparoscope
- Vitrectomy
- Extra shot wave
lithotripsy
- Computer visual field
analysis
- Brain stem evoke
response audiometry [B.E.R.A.]
- Audiotory brain stem
response [A.B.R.]
- Electronystagmonography
[E.N.G.]
- Dental department
[sterilized echniques]
- Electroencephalography
[E.E.C.]
- Sleep test with
PSG
- Axiom AFC, cardiac
cathererization and stent
- & etc.
The subject also
provides M.I.CAL. System service,
as well as
distributing medical products.
PURCHASE
60%
of pharmaceutical and
medical equipment are
purchased from local
suppliers and agents,
the remaining 40% is
imported from United States
of America, Japan,
Singapore, United Kingdom,
Italy and Germany.
MAJOR SUPPLIERS
DKSH [Thailand] Ltd. : Thailand
F.E. Zuellig [Bangkok] Ltd. : Thailand
Medic Pharma Co.,
Ltd. : Thailand
F & S 79 Co., Ltd. : Thailand
REVENUE STRUCTURE
|
|
2011 |
2010 |
||
|
|
Amount
[baht] |
% |
Amount [baht] |
% |
|
Sales
and Service Income |
|
|
|
|
|
- Operation and
medical service |
548,780,544.17 |
17.58 |
517,703,029.50 |
18.56 |
|
- Pharmaceutical and medical
products |
1,188,729,096.20 |
38.08 |
1,130,547,898.20 |
40.54 |
|
- Medical
equipment |
218,076,280.03 |
6.99 |
212,464,990.77 |
7.62 |
|
- Lab
and X-ray service |
222,151,053.26 |
7.12 |
217,382,624.04 |
7.79 |
|
- Others |
385,948,269.81 |
12.36 |
349,752,564.25 |
12.54 |
|
Total |
2,563,685,243.47 |
82.13 |
2,427,851,106.76 |
87.06 |
|
Other Income |
|
|
|
|
|
-
Interest |
9,353,238.08 |
0.30 |
13,155,487.91 |
0.47 |
|
- Dividend |
241,985,090.71 |
7.75 |
121,911,428.20 |
4.37 |
|
-
Others |
306,610,155.46 |
9.82 |
225,911,888.05 |
8.10 |
|
Total
Revenue |
3,121,633,727.72 |
100 |
2,788,829,910.92 |
100 |
SUBSIDIARIES & AFFILIATED
COMPANIES
|
Name of
Company |
Type of
business |
Holding % |
|
|
|
|
|
Chaiyapum-Ram Hospital Co.,
Ltd |
Hospital |
66.00 |
|
Synphaet Co., Ltd. |
Hospital |
42.95 |
|
Chiangmai-Ram Hospital Co.,
Ltd. |
Hospital |
42.89 |
|
Vibha Ram Hospital
Co., Ltd. |
Hospital |
41.09 |
|
Muang Loey-Ram Hospital
Co., Ltd. |
Hospital |
40.00 |
|
Phayao Ram Hospital
Co., Ltd. |
Hospital |
40.00 |
|
Piyasiri Co., Ltd. |
Hospital |
34.24 |
|
Rangsiphan Co., Ltd. |
Sales &
repair service of
medical equipment |
30.00 |
CREDIT
Local
bills are paid
by cash or
on the credits
term of 30-60-90-120
days.
Sales
are by cash
or on the
credit term of
30 days.
Imports
are by L/C
at sight or
T/T on the
credit term of
30 days.
BANKING
Bangkok Bank Public Co., Ltd. [Huamark Branch]
Siam Commercial Bank Public Co., Ltd. [Bangkapi Branch]
Kasikornbank Public Co., Ltd.
EMPLOYMENT
The hospital employs
approximately 800 staff
comprising full-time and
part-time specialists and
officers.
LOCATION DETAILS
The
premises of three
buildings are owned
at the heading
address for operating
office and hospital in a commercial
area on 41,600
square meters.
COMMENT
Ramkhamhang Hospital is one of the leading private hospitals in
Bangkok. The subject has expanded its
business network consistently through
the past several years. Its operation
performance remains healthy from domestic strong consumption and high
purchasing power. The economic improvement
also resulted in increasing the
number of patients who are
looking for the private hospital’s services.
At present there is a higher
demand for health insurance and expected
that it will be significantly
increased in the future, this will create a great result in
faster development of
private hospital business in
Thailand.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
400,000, divided into
4,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 50,000,000
on December 11,
1986
Bht. 80,000,000
on December 9,
1987
Bht. 120,000,000
on July 31,
1991
Bht. 150,000,000
in 1993
The latest registered
capital was divided into
15,000,000 shares of
Bht. 10 each.
MAIN SHAREHOLDERS : [as at
November 2, 2012]
at Bht. 120,000,000
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Hospital Public
Co., Ltd. |
4,588,424 |
38.24 |
|
F & S
79 Co., Ltd. |
1,256,899 |
10.47 |
|
Chiengmai-Ram Hospital Co., Ltd. |
862,300 |
7.19 |
|
Dr. Virat Chuen-im |
332,500 |
2.77 |
|
Dr. Boonpridi Sirivongs |
330,500 |
2.75 |
|
Dr. Chamnan Chanapai |
327,499 |
2.73 |
|
Dr. Siripong Luengvarinkul |
239,372 |
1.99 |
|
Dr. Raewat Nipatkosolsuk |
220,000 |
1.83 |
|
Vibha Ram Hospital
Co., Ltd. |
204,600 |
1.71 |
|
Ms. Rerkkajee Kanjanapitak |
203,486 |
1.70 |
|
Dr. Vilaiphan Somburanasin |
201,202 |
1.68 |
|
Others |
3,233,218 |
26.94 |
Total Shareholders :
560
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Thanawuth Pibulsawad No.
6699
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 |
78,553,191 |
63,107,119 |
25,934,751 |
|
Trade accounts receivable
|
120,697,572 |
114,555,336 |
108,507,978 |
|
Current portion of
long-term lending to related
parties |
30,000,000 |
- |
30,000,000 |
|
Short-term lending to related
companies |
- |
- |
30,000,000 |
|
Inventories |
324,990,010 |
241,050,630 |
199,343,804 |
|
Dividend receivable |
36,029,001 |
- |
- |
|
Other current assets
|
11,772,037 |
10,897,769 |
18,463,146 |
|
|
|
|
|
|
Total Current Assets
|
602,041,811 |
429,610,854 |
412,249,679 |
|
Available-for-sale
investment |
1,407,134,942 |
849,438,545 |
159,192,380 |
|
Investment in associates |
808,227,264 |
836,395,503 |
735,408,603 |
|
Investment in subsidiaries |
182,570,000 |
134,172,000 |
124,100,000 |
|
Other long-term investments |
98,774,315 |
116,711,515 |
117,798,670 |
|
Long-term lending to related
parties |
15,000,000 |
45,000,000 |
29,334,362 |
|
Property, plant and equipment |
1,352,041,612 |
1,364,188,812 |
1,917,025,147 |
|
Intangible assets |
14,776,328 |
13,990,533 |
15,258,173 |
|
Other non-current Assets |
2,785,747 |
7,019,811 |
5,949,488 |
|
Total Assets |
4,483,352,019 |
3,796,527,573 |
3,516,316,502 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank overdraft and short-term
loans from financial institutions |
666,062,719 |
468,495,656 |
84,696,067 |
|
Trade accounts payable
|
131,724,800 |
138,647,865 |
137,191,942 |
|
Current portion of
long-term liabilities |
|
|
|
|
Long-term loans
from financial institutions |
100,800,000 |
100,800,000 |
165,480,000 |
|
Debt restructuring agreements |
7,331,550 |
5,944,500 |
792,600 |
|
Accrued suspended
interest from debt restructuring agreement |
- |
- |
12,122,817 |
|
Liabilities under
finance leases agreement |
536,121 |
300,423 |
282,970 |
|
Employee benefit
obligations |
154,430 |
- |
- |
|
Short-term loans from
related parties |
54,700,000 |
44,400,000 |
44,000,000 |
|
Short-term loans from
other persons |
719,528,862 |
805,128,862 |
847,128,862 |
|
Assets payable |
9,458,495 |
9,965,274 |
2,493,449 |
|
Share subscription payable |
45,956,587 |
2,235,691 |
- |
|
Current income tax
payable |
105,279,562 |
101,998,219 |
54,006,046 |
|
Accrued doctors’ fees |
76,742,806 |
71,702,538 |
67,517,284 |
|
Other current liabilities |
19,719,061 |
19,682,579 |
18,740,731 |
|
|
|
|
|
|
Total Current Liabilities |
1,937,994,993 |
1,769,301,607 |
1,434,452,768 |
|
Long-term loans from
financial institutions |
28,200,000 |
129,000,000 |
229,800,000 |
|
Debt restructuring agreements |
16,175,308 |
23,904,535 |
30,064,662 |
|
Liabilities under finance
leases agreement |
2,400,550 |
1,983,611 |
2,284,034 |
|
Employee benefit obligations |
31,176,623 |
- |
- |
|
Other non-current liabilities |
4,082,922 |
3,455,952 |
3,306,285 |
|
Total Liabilities |
2,020,030,396 |
1,927,645,705 |
1,699,907,749 |
|
|
2011 |
2010 |
2009 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital Authorized share
capital 15,000,000 common
stocks at Baht 10
each |
150,000,000 |
150,000,000 |
150,000,000 |
|
Issued and paid-up
share capital |
|
|
|
|
12,000,000
common stocks at Baht 10
each |
120,000,000 |
120,000,000 |
120,000,000 |
|
Unrealized gain |
|
|
|
|
Revaluation surplus
on land |
- |
- |
386,339,847 |
|
Revaluation surplus
on building and structure |
- |
- |
66,709,732 |
|
Change in
investment revaluation |
- |
- |
53,240,688 |
|
Retained earnings Appropriated Statutory Reserve |
15,000,000 |
15,000,000 |
15,000,000 |
|
Unappropriated |
2,190,707,840 |
1,605,313,720 |
1,175,118,486 |
|
Other components of
equity |
137,613,783 |
128,568,148 |
- |
|
Total Shareholders' Equity |
2,463,321,623 |
1,868,881,868 |
1,816,408,753 |
|
Total Liabilities & Shareholders' Equity |
4,483,352,019 |
3,796,527,573 |
3,516,316,502 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 [restated] |
2009 |
|
|
|
|
|
|
Revenues from medical
treatment |
2,563,685,244 |
2,427,851,106 |
2,314,667,891 |
|
Reversal of doubtful
debts of loans |
15,000,000 |
40,665,638 |
6,000,000 |
|
Other Income |
|
|
|
|
Interest income |
9,353,238 |
13,155,488 |
13,992,754 |
|
Dividend income |
241,985,091 |
121,911,428 |
61,229,525 |
|
Gain on sales of
investments |
183,886,803 |
122,219,070 |
3,910,718 |
|
Others |
107,710,747 |
63,027,180 |
53,158,690 |
|
Total Revenues |
3,121,621,123 |
2,788,829,910 |
2,452,959,578 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of medical
treatment |
1,810,229,062 |
1,738,412,325 |
1,726,276,657 |
|
Administrative expenses |
195,647,901 |
195,260,020 |
167,007,676 |
|
Bad debts and
doubtful debts |
12,505,397 |
11,376,763 |
842,669 |
|
Management benefit expenses |
24,967,419 |
17,111,331 |
17,069,350 |
|
Loss on impairment
of investment |
18,787,200 |
13,900,000 |
19,800,000 |
|
Total Expenses |
2,062,136,979 |
1,976,060,439 |
1,930,996,352 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income
Tax |
1,059,484,144 |
812,769,471 |
521,963,226 |
|
Financial Costs |
[67,078,140] |
[69,148,277] |
[74,107,649] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
992,406,004 |
743,621,194 |
447,855,577 |
|
Income Tax |
[236,268,158] |
[169,425,960] |
[105,795,789] |
|
|
|
|
|
|
Net Profit / [Loss] |
756,137,846 |
574,195,234 |
342,059,788 |
BALANCE SHEET [BAHT]
The latest financial figures published
as at September
30, 2012 was :
ASSETS
|
Current Assets |
2012 |
|
|
|
|
Cash and cash equivalents |
139,555,679 |
|
Trade accounts receivable
|
172,188,631 |
|
Inventories |
344,193,309 |
|
Dividend receivable |
257,693,328 |
|
Other current assets
|
11,454,961 |
|
|
|
|
Total Current Assets
|
925,085,908 |
|
Available-for-sale
investment |
2,139,632,159 |
|
Investment in associates |
808,227,264 |
|
Investment in subsidiaries |
181,000,000 |
|
Other long-term investments |
96,101,115 |
|
Long-term lending to related
parties |
45,000,000 |
|
Property, plant and equipment |
1,303,507,981 |
|
Intangible assets |
13,268,805 |
|
Deposit for purchase
of common shares |
148,000,000 |
|
Other non-current Assets |
9,487,765 |
|
Total Assets |
5,669,310,997 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
|
|
|
|
Bank overdraft and short-term
loans from financial
institutions |
627,838,460 |
|
Trade accounts payable
|
166,359,150 |
|
Current portion of
long-term liabilities |
|
|
Long-term loans
from financial institutions |
82,200,000 |
|
Debt restructuring agreements |
7,760,875 |
|
Liabilities under
finance leases agreement |
560,753 |
|
Short-term loans from
related parties |
13,900,000 |
|
Short-term loans from
other persons |
615,620,000 |
|
Assets payable |
2,319,245 |
|
Income tax payable |
50,427,511 |
|
Accrued doctors’ fees |
88,855,087 |
|
Other Current Liabilities |
27,614,909 |
|
|
|
|
Total Current Liabilities |
1,683,455,990 |
|
Long-term loans from
financial institutions |
115,200,000 |
|
Debt restructuring agreements |
11,842,885 |
|
Liabilities under finance
leases agreement |
1,976,860 |
|
Employee benefit obligations |
35,228,227 |
|
Other non-current liabilities |
3,891,140 |
|
Total Liabilities |
1,851,595,102 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital Authorized share
capital 15,000,000 common
stocks at Baht
10 each |
150,000,000 |
|
Issued and paid-up
share capital |
|
|
12,000,000 common
stocks at Baht
10 each |
120,000,000 |
|
Retained earnings Appropriated Statutory Reserve |
15,000,000 |
|
Unappropriated |
3,350,635,332 |
|
Other components of
equity |
332,080,563 |
|
Total Shareholders' Equity |
3,817,715,895 |
|
Total Liabilities &
Shareholders' Equity |
5,669,310,997 |
PROFIT & LOSS
ACCOUNT
For the
nine-month periods ended
September 30, 2012.
|
Revenue |
2012 |
|
|
|
|
Revenues from medical
treatment |
2,115,591,471 |
|
Other Income |
|
|
Reversal of
doubtful debts of
loans |
46,575,976 |
|
Interest income |
6,845,901 |
|
Dividend income |
388,271,247 |
|
Gain on sales of
investments |
26,737,314 |
|
Gain on
swap of securities |
368,519,024 |
|
Others |
100,976,241 |
|
Total Revenues |
3,053,517,174 |
|
Expenses |
|
|
|
|
|
Cost of medical
treatment |
1,438,578,239 |
|
Administrative expenses |
188,617,120 |
|
Loss on impairment
of investment |
10,573,200 |
|
Finance costs |
50,416,341 |
|
Total Expenses |
1,688,184,900 |
|
Profit / [Loss] before Income
Tax |
1,365,332,274 |
|
Income Tax |
[133,404,782] |
|
Other comprehensive income |
194,466,780 |
|
|
|
|
Net Profit / [Loss] |
1,426,394,272 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.31 |
0.24 |
0.29 |
|
QUICK RATIO |
TIMES |
0.12 |
0.10 |
0.14 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.90 |
1.78 |
1.21 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.57 |
0.64 |
0.66 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
65.53 |
50.61 |
42.15 |
|
INVENTORY TURNOVER |
TIMES |
5.57 |
7.21 |
8.66 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
17.18 |
17.22 |
17.11 |
|
RECEIVABLES TURNOVER |
TIMES |
21.24 |
21.19 |
21.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
26.56 |
29.11 |
29.01 |
|
CASH CONVERSION CYCLE |
DAYS |
56.15 |
38.72 |
30.25 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
70.61 |
71.60 |
74.58 |
|
SELLING & ADMINISTRATION |
% |
9.09 |
9.22 |
7.99 |
|
INTEREST |
% |
2.62 |
2.85 |
3.20 |
|
GROSS PROFIT MARGIN |
% |
51.15 |
43.27 |
31.39 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
38.71 |
30.63 |
22.55 |
|
NET PROFIT MARGIN |
% |
29.49 |
23.65 |
14.78 |
|
RETURN ON EQUITY |
% |
30.70 |
30.72 |
18.83 |
|
RETURN ON ASSET |
% |
16.87 |
15.12 |
9.73 |
|
EARNING PER SHARE |
BAHT |
63.01 |
47.85 |
28.50 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.45 |
0.51 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.82 |
1.03 |
0.94 |
|
TIME INTEREST EARNED |
TIMES |
14.79 |
10.75 |
7.04 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.59 |
4.89 |
|
|
OPERATING PROFIT |
% |
33.46 |
42.47 |
|
|
NET PROFIT |
% |
31.69 |
67.86 |
|
|
FIXED ASSETS |
% |
(0.89) |
(28.84) |
|
|
TOTAL ASSETS |
% |
18.09 |
7.97 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 5.59%. Turnover has
increased from THB 2,427,851,106.00 in 2010 to THB 2,563,685,244.00 in 2011.
While net profit has increased from THB 574,195,234.00 in 2010 to THB
756,137,846.00 in 2011. And total assets has increased from THB
3,796,527,573.00 in 2010 to THB 4,483,352,019.00 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
51.15 |
Impressive |
Industrial
Average |
29.17 |
|
Net Profit Margin |
29.49 |
Impressive |
Industrial
Average |
7.16 |
|
Return on Assets |
16.87 |
Impressive |
Industrial
Average |
6.38 |
|
Return on Equity |
30.70 |
Impressive |
Industrial
Average |
12.00 |
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 51.15%. 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 29.49%, 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. Return on Assets ratio is 16.87%, 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 30.7%, 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 Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.31 |
Risky |
Industrial
Average |
0.79 |
|
Quick Ratio |
0.12 |
|
|
|
|
Cash Conversion Cycle |
56.15 |
|
|
|
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 0.31 times in 2011, increased from 0.24 times, then the company may
not be efficiently using its current assets. 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 0.12 times in 2011,
increased from 0.1 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 57 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.45 |
Impressive |
Industrial
Average |
0.45 |
|
Debt to Equity Ratio |
0.82 |
Impressive |
Industrial
Average |
0.82 |
|
Times Interest Earned |
14.79 |
Impressive |
Industrial
Average |
4.24 |
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 14.8 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 0.45
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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.90 |
Impressive |
Industrial
Average |
1.03 |
|
Total Assets Turnover |
0.57 |
Acceptable |
Industrial
Average |
0.89 |
|
Inventory Conversion Period |
65.53 |
|
|
|
|
Inventory Turnover |
5.57 |
Deteriorated |
Industrial
Average |
25.75 |
|
Receivables Conversion Period |
17.18 |
|
|
|
|
Receivables Turnover |
21.24 |
Impressive |
Industrial
Average |
9.00 |
|
Payables Conversion Period |
26.56 |
|
|
|
The company's Account Receivable Ratio is
calculated as 21.24 and 21.19 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.
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 increased from 51 days
at the end of 2010 to 66 days at the end of 2011. This represents a negative
trend. And Inventory turnover has decreased from 7.21 times in year 2010 to
5.57 times in year 2011.
The company's Total Asset Turnover is
calculated as 0.57 times and 0.64 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
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.