MIRA INFORM REPORT
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Report Date : |
12.11.2014 |
IDENTIFICATION DETAILS
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Name : |
JTA MEDICAL CO., LTD. |
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Registered Office : |
Room 2003-1, 20th Floor,
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
31.10.2012 |
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Com. Reg. No.: |
0105555162315 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged
in importing and
distributing medical devices
and accessories for
radiology and cardiology |
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No. of Employees : |
05 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 but correct |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
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Source
: CIA |
Company name
JTA MEDICAL
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
2003-1, 20th FLOOR,
RASA TOWER 1,
555 PHAHOLYOTHIN ROAD,
CHATUCHAK,
BANGKOK
10900, THAILAND
TELEPHONE : [66] 2937-1680,
2937-1682
FAX
: [66] 2937-1681
E-MAIL
ADDRESS : info@jta-medical.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2012
REGISTRATION
NO. : 0105555162315
TAX
ID NO. : 3035422267
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
2.00%
AMERICAN :
98.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JAMES
EDWARD KNIPFER II,
AMERICAN
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : MEDICAL DEVICES
AND ACCESSORIES
IMPORTER AND
DISTRIBUTOR
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 October 31,
2012 as a
private limited company
under the registered
name JTA MEDICAL
CO., LTD., by Thai
and American groups,
with the business
objective to import
and distribute medical
devices and accessories
to domestic market.
It currently employs
5 staff.
The
subject’s registered address is Room 2003-1, 20th Floor, Rasa
Tower 1,
555 Phaholyothin Road, Chatuchak,
Bangkok 10900, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
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Name |
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Nationality |
Age |
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Mr. James Edward Knipfer
II |
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American |
52 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. James Edward
Knipfer II is
the Managing Director.
He is American
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
medical devices and
accessories for radiology
and cardiology. Ranges
of products are as
follows:
·
Consumables :
Syringes and tubing
extension line
·
Injector :
Computed Tomography, magnetic
resonance, angiography
·
Overhead Suspension : Monitor
and etc.
MAJOR BRANDS
“NEMOTO”, “MAVIG” and
“COEUR”
PURCHASE
100% of the
products is imported
from U.S.A., Japan
and Lebanon.
MAJOR
SUPPLIERS
Coeur
Incorporated :
Nemoto
Kyorindo Co., Ltd. :
SALES
100% of the
products is sold
locally by wholesale
to traders and
end-users, mainly hospital
and medical center.
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.
Imports are by L/C
at sight
or T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
5 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 sales and
net profit in 2013 were
posted drastically increased
from the previous year’s level.
With the sufficient products
and service have
indicated its products
to rapidly expand
in the market. Generally,
the subject has a moderate
business in relation
to demand from
healthcare business.
FINANCIAL INFORMATION
The
capital was registered at Bht. 5,000,000 divided
into 50,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at May
25, 2014]
|
NAME |
HOLDING |
% |
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Mr. James Edward Knipfer
II Nationality: American Address : 555
Phaholyothin Road, Chatuchak,
Bangkok |
49,000 |
98.00 |
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Mrs. Kesthip Kotama Nationality: Thai Address : 243 Moo
2, T. Gudjig, A. Nongbualamphu, Nongbualamphu |
900 |
1.80 |
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Ms. Sasina Seeprasom Nationality: Thai Address : 53/31
Moo 1, T. Krathu,
A. Krathu, Phuket |
100 |
0.20 |
Total Shareholders : 3
Share Structure [as
at May 25,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
2 |
1,000 |
2.00 |
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Foreign - American |
1 |
49,000 |
98.00 |
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Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chayut Poolcharoen No. 7943
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2013 & 2012
were:
ASSETS
|
Current Assets |
2013 |
2012 |
|
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Cash in Hand |
1,530,526.40 |
10,855,938.48 |
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Trade Account & Other
Receivable |
4,020,607.23 |
- |
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Inventories |
1,078,000.50 |
- |
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Total Current Assets
|
6,629,134.13 |
10,855,938.48 |
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Equipment |
1,344,398.58 |
24,723.37 |
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Deposits |
- |
315,900.00 |
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Total Assets |
7,973,532.71 |
11,196,561.85 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
|
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|
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Trade Account & Other
Payable |
53,314.83 |
136,038.24 |
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Total Current Liabilities |
53,314.83 |
136,038.24 |
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Long-term Loan |
5,203,019.94 |
5,922,800.00 |
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Total Liabilities |
5,256,334.77 |
6,058,838.24 |
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Shareholders' Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning -
Unappropriated [Deficit] |
[2,282,802.06] |
137,723.61 |
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Total Shareholders' Equity |
2,717,197.94 |
5,137,723.61 |
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Total Liabilities & Shareholders' Equity |
7,973,532.71 |
11,196,561.85 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2013 |
2012 |
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Sales & Services
|
12,318,644.34 |
228,719.40 |
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Interest Income |
45,550.36 |
306,774.89 |
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Total Revenues |
12,364,194.70 |
535,494.29 |
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Expenses |
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Cost of Goods
Sold |
7,439,018.33 |
60,000.00 |
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Selling Expenses |
2,589,063.71 |
- |
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Administrative Expenses |
4,756,638.33 |
337,770.68 |
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Total Expenses |
14,784,720.37 |
397,770.68 |
|
Net Profit / [Loss] |
[2,420,525.67] |
137,723.61 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
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LIQUIDITY RATIO |
|
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CURRENT RATIO |
TIMES |
124.34 |
79.80 |
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QUICK RATIO |
TIMES |
104.12 |
79.80 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
9.16 |
9.25 |
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TOTAL ASSETS TURNOVER |
TIMES |
1.54 |
0.02 |
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INVENTORY CONVERSION PERIOD |
DAYS |
52.89 |
- |
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INVENTORY TURNOVER |
TIMES |
6.90 |
- |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
119.13 |
- |
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RECEIVABLES TURNOVER |
TIMES |
3.06 |
- |
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PAYABLES CONVERSION PERIOD |
DAYS |
2.62 |
827.57 |
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CASH CONVERSION CYCLE |
DAYS |
169.41 |
(827.57) |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
60.39 |
26.23 |
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SELLING & ADMINISTRATION |
% |
59.63 |
147.68 |
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INTEREST |
% |
- |
- |
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GROSS PROFIT MARGIN |
% |
39.98 |
207.89 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(19.65) |
60.22 |
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NET PROFIT MARGIN |
% |
(19.65) |
60.22 |
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RETURN ON EQUITY |
% |
(89.08) |
2.68 |
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RETURN ON ASSET |
% |
(30.36) |
1.23 |
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EARNING PER SHARE |
BAHT |
(48.41) |
2.75 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.66 |
0.54 |
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DEBT TO EQUITY RATIO |
TIMES |
1.93 |
1.18 |
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TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
5,285.92 |
- |
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OPERATING PROFIT |
% |
(1,857.52) |
- |
|
NET PROFIT |
% |
(1,857.52) |
- |
|
FIXED ASSETS |
% |
5,337.76 |
- |
|
TOTAL ASSETS |
% |
(28.79) |
- |
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
39.98 |
Impressive |
Industrial
Average |
5.90 |
|
Net Profit Margin |
(19.65) |
Deteriorated |
Industrial
Average |
4.67 |
|
Return on Assets |
(30.36) |
Deteriorated |
Industrial
Average |
4.18 |
|
Return on Equity |
(89.08) |
Deteriorated |
Industrial
Average |
6.85 |
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 39.98%. 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 -19.65%.
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 -30.36%.
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 -89.08%.
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 |
124.34 |
Impressive |
Industrial Average |
1.84 |
|
Quick Ratio |
104.12 |
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Cash Conversion Cycle |
169.41 |
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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 124.34 times in 2013, increase from 79.8 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 104.12 times in 2013,
increase from 79.8 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 170 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Acceptable |
Industrial
Average |
0.39 |
|
Debt to Equity Ratio |
1.93 |
Risky |
Industrial
Average |
0.65 |
|
Times Interest Earned |
- |
|
Industrial
Average |
- |
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 0.66 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 Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.16 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.54 |
Impressive |
Industrial
Average |
0.90 |
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Inventory Conversion Period |
52.89 |
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Inventory Turnover |
6.90 |
Impressive |
Industrial
Average |
2.78 |
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Receivables Conversion Period |
119.13 |
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Receivables Turnover |
3.06 |
Impressive |
Industrial
Average |
3.01 |
|
Payables Conversion Period |
2.62 |
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The company's Account Receivable Ratio is calculated as 3.06 and
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 0 days at the end
of 2012 to 53 days at the end of 2013. This represents a negative trend. And
Inventory turnover has increased from 0 times in year 2012 to 6.9 times in year
2013.
The company's Total Asset Turnover is calculated as 1.54 times and 0.02
times in 2013 and 2012 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.55 |
|
|
1 |
Rs.97.52 |
|
Euro |
1 |
Rs.76.48 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
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 |
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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 |
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|
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 |
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|
-- |
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.