MIRA INFORM REPORT

 

 

Report Date :

26.03.2013

 

IDENTIFICATION DETAILS

 

Name :

THAI  CARE  CO.,  LTD.

 

 

Registered Office :

Room  4B,  4th  Floor,  Ksp  Building, Rama  9  Road,  Huaykwang, Bangkok  10310

 

 

Country :

Thailand

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

17.06.2009

 

 

Com. Reg. No.:

0105552058444

 

 

Legal Form :

Private  Limited  Company

 

 

Line of Business :

Importer,  Exporter  and  Distributor of Medical  Equipment  &  Supplies  and

Pharmaceutical Cosmetics  

 

 

No. of Employees :

6 

 

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 :

Usually Correct

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

 

THAI  CARE  CO.,  LTD.

 

 

SUMMARY

 

BUSINESS  ADDRESS              :           ROOM  4B,  4th  FLOOR,  KSP  BUILDING,

296  RAMA  9  ROAD,  HUAYKWANG,

BANGKOK  10310

TELEPHONE                                        :           [66]   2246-1174

FAX                                                      :           [66]   2246-1175

E-MAIL  ADDRESS                               :           info@thaicare.co.th

REGISTRATION  ADDRESS                  :           SAME  AS  BUSINESS  ADDRESS

 

ESTABLISHED                        :           2009

REGISTRATION  NO.                           :           0105552058444

TAX  ID  NO.                                         :           3033502121

CAPITAL REGISTERED                        :           BHT.   2,000,000

CAPITAL PAID-UP                                :           BHT.   2,000,000

SHAREHOLDER’S  PROPORTION        :           THAI          :   51%

                                                                        ITALIAN    :  49%

FISCAL YEAR CLOSING DATE             :           DECEMBER   31            

LEGAL  STATUS                                  :           PRIVATE  LIMITED  COMPANY

EXECUTIVE                                         :           MS. PANADCHANOK  BOONCHAN,  THAI

                                                                        MANAGING  DIRECTOR           

 

NO.  OF  STAFF                                   :           6 

LINES  OF  BUSINESS                         :           MEDICAL  EQUIPMENT  &  SUPPLIES  AND

                                                                                          PHARMACEUTICAL COSMETICS  

                                                                        IMPORTER,  EXPORTER  AND  DISTRIBUTOR

                                                                         

 

CORPORATE  PROFILE

 

OPERATING  TREND                            :           STABLE                       

PRESENT  SITUATION             :           OPERATING  NORMALLY                     

REPUTATION                                       :           FAIR  WITH  NORMAL  BUSINESS  ENGAGEMENT

MANAGEMENT  STANDARD                 :           MANAGEMENT  WITH  LOW  PERFORMANCE              

 

 

HISTORY

 

The  subject  was  established  on  June  17,  2009  as  a  private  limited  company  under  the  registered  name  style  THAI CARE  CO.,  LTD.,  by  Thai  and  Italian  groups, with  the  business  objective  to  import  and  distribute  various  kinds  of  medical  equipments  and  supplies  as  well  as   pharmaceutical  cosmetics  to  both  domestic  and  international  markets.   It  currently  employs  6  staff.  

 

The  subject’s  registered  address  is  Room  4B,  4th  Flr.,  KSP  Building,  296  Rama 9 Rd., Huaykwang,  Bangkok  10310,  and  this  is  the  subject’s  current  operation  address.  

 

 

THE  BOARD  OF  DIRECTOR

 

Ms. Panadchanok  Boonchan

 

 

AUTHORIZED  PERSON

 

The  above  director  signs  on  behalf  of  the  subject  with  company’s  affixed.

 

 

MANAGEMENT

 

Ms. Panadchanok  Boonchan  is  the  Managing  Director.

She  is  Thai  nationality  with  the  age  of  31  years  old.  

 

 

BUSINESS  OPERATIONS

 

The  subject  is  engaged  in  importing  and  distributing  various  kinds  of  medical  equipments,  supplies   and  pharmaceutical  cosmetics   as  the  followings:

 

1.     Medical  equipment  and  supplies:  cast & bandage  covers,  compression  supports,  fracture  walker,  foot/ankle  and  wrist  supports,  ice  therapy,  testing  equipment,  finger/ toe  dressing  equipment  and  etc.

2.     Pharmaceutical  cosmetics:  velvet  touch  silk,  silicone  sheets,  skin  care  lotion and  etc.

 

MAJOR  BRANDS

 

“HISTOFREEZER”,  “POLYMEN”,  “CIZETA”,  “LOHMANN  &  RAUSCHER”  and etc.

 

PURCHASE

 

90%  of  the  products  is  imported  from  U.S.A.,  Italy,  and  Germany,  the  remaining  10%  is  purchased  from  local  suppliers  and  agents.

MAJOR  SUPPLIERS

 

Angiotech  Pharmaceutical  Inc. :  U.S.A.

C.R.  Bard  Inc.                         :  U.S.A.

Orasure  Technologies  Inc.        :  U.S.A.

Ferris  Mfg.  Corp.                     :  U.S.A.

Cizeta  Medical  S.p.a.               :  Italy

Lohmann & Rauscher  GmbH.    :  Germany

 

SALES 

 

90% of  the  products  is  sold  locally  by  wholesale  to  traders  and  end-users,  such  as  clinic, drug  store  and  hospital  both  private  and  government  sectors,  the  remaining  10%  is  re-exported  to  Vietnam,  Myanmar,  Cambodia  and  Laos.

 

 

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.

Exports  are  against  T/T.

 

 

BANKING

 

Bangkok  Bank  Public  Co.,  Ltd.

 

EMPLOYMENT

 

The  subject  employs  6  staff.  

 

 

LOCATION  DETAILS

 

The  premise  is  rented  for  administrative  office  at  the  heading  address.  Premise  is  located  in  commercial/residential  area.

 

 

COMMENT

 

Subject was  formed in  2009  as  an  importer,  distributor  and  exporter  of  medical  equipment  & supplies  as  well  as  pharmaceutical  cosmetics.  Its business  is  relatively  medium  to  slow.  The   products  have  been  slowly  expanded  in  the market.

 

 

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  12,  2012]

 

       NAME

HOLDING

%

 

 

 

Ms. Panadchanok  Boonchan

Nationality:  Thai

Address     :  92  Ladprao  23  Rd.,  Chankasem, 

                     Jatujak,  Bangkok

10,200

51.00

Mr. Maoricio  Karaputi

Nationality:  Italian

Address     :  296  Rama  9  Rd.,  Huaykwang,  Bangkok

 8,000

40.00

Ms. Jiovana  Depis

Nationality:  Italian

Address     :  296  Rama  9  Rd.,  Huaykwang,  Bangkok

 1,800

9.00

 

Total  Shareholders  :    3

 

Share  Structure  [as  at  April  12,  2012]

 

Nationality

Shareholders

No. of  Share

% Shares

 

 

 

 

Thai

1

10,200

51.00

Foreign-Italian

2

9,800

49.00

 

Total

 

3

 

20,000

 

100.00

 

NAME  OF  AUDITOR  &  CERTIFIED  PUBLIC  ACCOUNTANT  NO. :

 

Mrs. Chaveewan  Sriviwattanakul  No.   3113

 

 

BALANCE SHEET [BAHT]

 

The  latest  financial  figures  published  for  December   31,  2011,  2010  and  2009  were :

          

ASSETS

                                                                                                 

Current Assets

2011

2010

2009

 

 

 

 

Cash  and Cash Equivalent

83,461.48

370,002.51

456,065.31

Inventories

48,621.56

91,677.79

-

Other  Current  Assets       

523,044.17

458,818.12

565,584.31

 

 

 

 

Total  Current  Assets                

655,127.21

920,498.42

1,021,649.62

 

 

 

 

Fixed Assets          

237,094.57

330,833.50

417,371.51

Deposit 

68,400.00

82,400.00

68,400.00

 

Total  Assets                 

 

960,621.78

 

1,333,731.92

 

1,507,421.13

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

 

Current Liabilities

2011

2010

2009

 

 

 

 

Trade  Accounts  Payable

16,261.88

165,272.22

68,276.03

Other  Current  Liabilities             

1,006,510.45

1,313,623.35

1,047,382.50

 

 

 

 

Total Current Liabilities

1,022,772.33

1,478,895.57

1,115,658.53

 

Long-term  Loan  from  Person  or

   Related  Company

 

 

3,397,957.88

 

 

1,717,391.75

 

 

-

 

Total  Liabilities            

 

4,420,730.21

 

3,196,287.32

 

1,115,658.53

 

 

 

 

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  Earning- Unappropriated

[5,460,108.43]

[3,862,555.40]

[1,608,237.40]

 

Total Shareholders' Equity

 

[3,460,108.43]

 

[1,862,555.40]

 

391,762.60

 

Total  Liabilities  &  Shareholders'  

   Equity

 

 

960,621.78

 

 

1,333,731.92

 

 

1,507,421.13

 

 

PROFIT  &  LOSS  ACCOUNT

 

Revenue

2011

2010

2009

 

 

 

 

Sales  Income                                        

1,982,783.14

784,537.91

1,163,817.14

Interest   Income

176.17

175.11

1,589.63

Other  Income

429,966.53

71,086.00

-

Gain  on  Exchange  Rate

55,106.28

-

5,420.86

 

Total  Revenues           

 

2,468,032.12

 

855,799.02

 

1,170,827.63

 

Expenses

 

 

 

 

 

 

 

Cost  of  Goods  Sold                            

1,753,494.51

624,873.58

1,150,399.37

Selling and Administrative  Expenses

2,312,090.64

2,485,243.44

1,628,665.66

 

Total Expenses             

 

4,065,585.15

 

3,110,117.02

 

2,779,065.03

 

 

 

 

Net  Profit / [Loss]

[1,597,553.03]

[2,254,318.00]

[1,608,237.40]

 

 

FINANCIAL  ANALYSIS

 

ITEM

UNIT

2011

2010

2009

 

 

 

 

 

LIQUIDITY RATIO

 

 

 

 

CURRENT RATIO

TIMES

0.64

0.62

0.92

QUICK RATIO

TIMES

0.08

0.25

0.41

 

 

 

 

 

ACTIVITY RATIO

 

 

 

 

FIXED ASSETS TURNOVER

TIMES

8.36

2.37

2.79

TOTAL ASSETS TURNOVER

TIMES

2.06

0.59

0.77

INVENTORY CONVERSION PERIOD

DAYS

10.12

53.55

-

INVENTORY TURNOVER

TIMES

36.06

6.82

-

RECEIVABLES CONVERSION PERIOD

DAYS

-

-

-

RECEIVABLES TURNOVER

TIMES

-

-

-

PAYABLES CONVERSION PERIOD

DAYS

3.39

96.54

21.66

CASH CONVERSION CYCLE

DAYS

6.74

(42.99)

(21.66)

 

 

 

 

 

PROFITABILITY RATIO

 

 

 

 

COST OF GOODS SOLD

%

88.44

79.65

98.85

SELLING & ADMINISTRATION

%

116.61

316.78

139.94

INTEREST

%

-

-

-

GROSS PROFIT MARGIN

%

36.04

29.43

1.76

NET PROFIT MARGIN BEFORE EX. ITEM

%

(80.57)

(287.34)

(138.19)

NET PROFIT MARGIN

%

(80.57)

(287.34)

(138.19)

RETURN ON EQUITY

%

-

-

(410.51)

RETURN ON ASSET

%

(166.30)

(169.02)

(106.69)

EARNING PER SHARE

BAHT

(79.88)

(112.72)

(80.41)

 

 

 

 

 

LEVERAGE RATIO

 

 

 

 

DEBT RATIO

TIMES

4.60

2.40

0.74

DEBT TO EQUITY RATIO

TIMES

(1.28)

(1.72)

2.85

TIME INTEREST EARNED

TIMES

-

-

-

 

 

 

 

 

ANNUAL GROWTH

 

 

 

 

SALES GROWTH

%

152.73

(32.59)

 

OPERATING PROFIT

%

(29.13)

40.17

 

NET PROFIT

%

29.13

(40.17)

 

FIXED ASSETS

%

(28.33)

(20.73)

 

TOTAL ASSETS

%

(27.97)

(11.52)

 

 

 

ANNUAL GROWTH : ACCEPTABLE

 

An annual sales growth is 152.73%. Turnover has increased from THB 784,537.91 in 2010 to THB 1,982,783.14 in 2011. While net profit has increased from THB -2,254,318.00 in 2010 to THB -1,597,553.03 in 2011. And total assets has decreased from THB 1,333,731.92 in 2010 to THB 960,621.78 in 2011.                 

                       

PROFITABILITY : ACCEPTABLE

 

 

 

PROFITABILITY RATIO

 

Gross Profit Margin

36.04

Impressive

Industrial Average

23.49

Net Profit Margin

(80.57)

Deteriorated

Industrial Average

2.23

Return on Assets

(166.30)

Deteriorated

Industrial Average

4.38

Return on Equity

-

 

Industrial Average

11.28

 

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   36.04%. 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 -80.57%. 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 -166.3%.

 

Trend of the average competitors in the same industry for last 5 years

Return on Assets                       Uptrend

Return on Equity                       Downtrend

 

 

LIQUIDITY : ACCEPTABLE

 

 

LIQUIDITY RATIO

 

Current Ratio

0.64

Risky

Industrial Average

1.66

Quick Ratio

0.08

 

 

 

Cash Conversion Cycle

6.74

 

 

 

 

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 0.64 times in 2011, increased from 0.62 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 0.08 times in 2011, decreased from 0.25 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 7 days.

 

Trend of the average competitors in the same industry for last 5 years

Current Ratio                 Uptrend

 

 

LEVERAGE : RISKY

 

 

LEVERAGE RATIO

 

Debt Ratio

4.60

Risky

Industrial Average

0.59

Debt to Equity Ratio

(1.28)

Acceptable

Industrial Average

1.40

Times Interest Earned

-

 

Industrial Average

4.39

 

Debt to Equity Ratio is  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.

 

Trend of the average competitors in the same industry for last 5 years

Debt Ratio                                Downtrend

Times Interest Earned                Uptrend

 

 

ACTIVITY : IMPRESSIVE

 

 

ACTIVITY RATIO

 

Fixed Assets Turnover

8.36

Satisfactory

Industrial Average

9.02

Total Assets Turnover

2.06

Impressive

Industrial Average

1.94

Inventory Conversion Period

10.12

 

 

 

Inventory Turnover

36.06

Impressive

Industrial Average

3.98

Receivables Conversion Period

-

 

 

 

Receivables Turnover

-

 

Industrial Average

2.86

Payables Conversion Period

3.39

 

 

 

 

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 54 days at the end of 2010 to 10 days at the end of 2011. This represents a positive trend. And Inventory turnover has increased from 6.82 times in year 2010 to 36.06 times in year 2011.

 

The company's Total Asset Turnover is calculated as 2.06 times and 0.59 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                     Downtrend

Receivables Turnover                Downtrend

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.10

UK Pound

1

Rs.82.46

Euro

1

Rs.70.49

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.