MIRA INFORM REPORT
|
Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL BIOTECHNOLOGY CO.,
LTD. |
|
|
|
|
Registered Office : |
99/8
Moo 12, Ladprao
Road, Ladprao, Bangkok 10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
21.05.1998 |
|
|
|
|
Com. Reg. No.: |
0105541030951 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
importing and distributing of
medical instrument and diagnostic equipment,
specialized in Anodyne
Therapy Professional System,
Anodyne Therapy Home
System, as well
as Medical Software,
laboratory equipment &
instrument, Clinical Chemistry,
Molecular for hospital,
clinics and laboratory
both private and
government enterprises. The
subject also provides after sales services. |
|
|
|
|
No of Employees : |
21 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts nearly
2.5 million migrant workers from neighboring countries. The Thai government in
2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and
deployed new tax reforms designed to lower rates on middle-income earners. The
Thai economy has weathered internal and external economic shocks in recent
years. The global economic recession severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
approved flood mitigation projects worth $11.7 billion, which were started in
2012, to prevent similar economic damage, and an additional $75 billion for
infrastructure over the following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require re-approval
once a new government is seated.
|
Source
: CIA |
Company
name
GLOBAL
BIOTECHNOLOGY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 99/8
MOO 12, LADPRAO
ROAD, LADPRAO,
BANGKOK 10230,
THAILAND
TELEPHONE : [66] 2907-0367-9,
081 619-8171
FAX :
[66] 2907-0370
E-MAIL
ADDRESS : gbiotec@yahoo.com
thanadech@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541030951
TAX
ID NO. : 3011935606
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THANADECH AMATATHAVORN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 21
LINES
OF BUSINESS : MEDICAL INSTRUMENT AND DIAGNOSTIC EQUIPMENT
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 May 21,
1998 as a
private limited company
under the name style GLOBAL BIOTECHNOLOGY CO., LTD., by Thai groups, with the business objective
to import and
distribute medical instrument
and diagnostic equipments
to domestic market.
It currently employs
21 staff.
The
subject’s registered address
is 99/8 Moo 12, Ladprao Rd.,
Ladprao, Bangkok 10230, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Kuakoon Makul |
|
Thai |
51 |
|
Mr. Thanadech Amatathavorn |
|
Thai |
52 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thanadech Amatathavorn is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
Mrs. Kuakoon Makul is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 51
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
medical instrument and diagnostic equipment,
specialized in Anodyne
Therapy Professional System,
Anodyne Therapy Home
System, as well as Medical
Software, laboratory equipment & instrument, Clinical
Chemistry, Molecular for
hospital, clinics and
laboratory both private
and government enterprises.
The subject also
provides after sales
services.
PURCHASE
The products are
purchased from suppliers
both local and
overseas. 80% is
imported from U.S.A.,
Republic of China,
Japan, Malaysia, India,
Taiwan, Singapore and
Europe, and the
remaining 20% is
purchased locally.
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is
not found to have
any subsidiary or affiliated
company here in
Thailand.
LITIGATION
Bankruptcy
and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to 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
L/C at sight
or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
21 office and
sales staff.
LOCATION DETAILS
The premise is owned
for administrative office
at the heading
address. Premise is located
in commercial/residential area.
COMMENT
Subject
was formed in 1998 as an importer
and distributor of medical instrument
and diagnostic reagent. Subject reported
moderate sales in
2013. Consumption recovery
has seen since
the second half
of this year,
and estimated the
whole year sales
would increase from
last year’s level.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each
with fully paid.
On
March 13, 2006,
the capital was
increased to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Kuakoon Makul Nationality: Thai Address : 39/166
Moo 10, Klongkum,
Buengkum, Bangkok |
34,499 |
68.99 |
|
Mr. Thanadech Amatathavorn Nationality: Thai Address : 99/8
Moo 12, Ladprao
Rd., Ladprao, Bangkok |
15,496 |
30.99 |
|
Ms. Kanthitra Amatathavorn Nationality: Thai Address : 99/8
Moo 12, Ladprao
Rd., Ladprao, Bangkok |
1 |
|
|
Mrs. Kularb Ramankul Nationality: Thai Address : 81/3
Moo 14, Kannayao,
Bangkok |
1 |
|
|
Mrs. Kesanee Makul Nationality: Thai Address : 81/10
Moo 14, Kannayao,
Bangkok |
1 |
= 0.02 |
|
Mr. Somkiat Imtang Nationality: Thai Address : 81/10
Moo 14, Kannayao,
Bangkok |
1 |
|
|
Mr. Krasawat Amatathavorn Nationality: Thai Address : 39/166
Moo 10, Klongkum,
Buengkum, Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO
Mrs. Preeya Kraipatarapong
No. 6359
Note:
There was no quarterly
and half year
balance sheet available
from the company.
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
6,604,913.72 |
5,027,745.10 |
7,232,298.49 |
|
Short-term Investment |
3,000,000.00 |
3,000,000.00 |
- |
|
Trade Accounts & Other
Receivable |
6,041,956.03 |
7,171,769.62 |
6,930,710.76 |
|
Inventories |
6,586,380.52 |
5,447,082.81 |
8,252,213.62 |
|
Other Current Assets
|
- |
118,396.90 |
103,809.81 |
|
|
|
|
|
|
Total Current
Assets |
22,233,250.27 |
20,764,994.43 |
22,519,032.68 |
|
Fixed Assets |
6,296,814.15 |
5,790,999.47 |
8,097,336.24 |
|
Other Non-current Assets |
1,064,809.15 |
941,412.25 |
- |
|
Total Assets
|
29,594,873.57 |
27,497,406.15 |
30,616,368.92 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
6,562,715.39 |
2,282,864.42 |
6,425,090.64 |
|
Accrued Income Tax |
113,217.33 |
- |
47,860.32 |
|
Accrued Expenses |
3,495,500.00 |
5,392,144.99 |
- |
|
Other Current Liabilities |
246,691.87 |
165,488.79 |
35,415.82 |
|
|
|
|
|
|
Total Current
Liabilities |
10,418,124.59 |
7,840,495.20 |
6,508,366.79 |
|
|
|
|
|
|
Long-term Loan |
8,243,840.17 |
11,143,840.17 |
13,960,450.17 |
|
Total Liabilities |
18,661,964.76 |
18,984,335.37 |
20,468,816.96 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 50,000
shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
5,932,908.81 |
3,513,070.78 |
5,147,551.97 |
|
Total Shareholders' Equity |
10,932,908.81 |
8,513,070.78 |
9,147,551.97 |
|
Total Liabilities
& Shareholders' Equity |
29,594,873.57 |
27,497,406.15 |
30,616,368.92 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
30,288,247.28 |
29,065,462.60 |
27,498,399.35 |
|
Interest Income |
154,315.07 |
514,973.26 |
7,397.26 |
|
Total Revenues
|
30,442,562.35 |
29,580,435.86 |
27,505,796.61 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
17,508,907.90 |
22,074,970.31 |
20,248,513.07 |
|
Selling Expenses |
2,476,884.37 |
2,066,673.60 |
380,789.05 |
|
Administrative Expenses |
7,811,859.28 |
7,073,273.14 |
5,669,053.77 |
|
Total Expenses |
27,797,651.52 |
31,214,917.05 |
26,298,355.89 |
|
|
|
|
|
|
Profit / [Loss] before Finance
Cost & Income Tax |
2,644,910.83 |
[1,634,481.19] |
1,207,440.72 |
|
Finance Cost |
- |
- |
[5,777.98] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
2,644,910.83 |
[1,634,481.19] |
1,201,662.74 |
|
Income Tax |
[225,072.80] |
- |
[178,054.63] |
|
Net Profit / [Loss] |
2,419,838.03 |
[1,634,481.19] |
1,023,608.12 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.13 |
2.65 |
3.46 |
|
QUICK RATIO |
TIMES |
1.50 |
1.94 |
2.18 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.81 |
5.02 |
3.40 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.02 |
1.06 |
0.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
137.30 |
90.07 |
148.75 |
|
INVENTORY TURNOVER |
TIMES |
2.66 |
4.05 |
2.45 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
72.81 |
90.06 |
91.99 |
|
RECEIVABLES TURNOVER |
TIMES |
5.01 |
4.05 |
3.97 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
136.81 |
37.75 |
115.82 |
|
CASH CONVERSION CYCLE |
DAYS |
73.30 |
142.38 |
124.93 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
57.81 |
75.95 |
73.64 |
|
SELLING & ADMINISTRATION |
% |
33.97 |
31.45 |
22.00 |
|
INTEREST |
% |
- |
- |
0.02 |
|
GROSS PROFIT MARGIN |
% |
42.70 |
25.82 |
26.39 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.73 |
(5.62) |
4.39 |
|
NET PROFIT MARGIN |
% |
7.99 |
(5.62) |
3.72 |
|
RETURN ON EQUITY |
% |
22.13 |
(19.20) |
10.09 |
|
RETURN ON ASSET |
% |
8.18 |
(5.94) |
3.34 |
|
EARNING PER SHARE |
BAHT |
48.40 |
(32.69) |
20.47 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.69 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.71 |
2.23 |
2.02 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
208.97 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
4.21 |
5.70 |
|
|
OPERATING PROFIT |
% |
(261.82) |
(235.37) |
|
|
NET PROFIT |
% |
248.05 |
(259.68) |
|
|
FIXED ASSETS |
% |
8.73 |
(28.48) |
|
|
TOTAL ASSETS |
% |
7.63 |
(10.19) |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 4.21%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
42.70 |
Deteriorated |
Industrial
Average |
136.63 |
|
Net Profit Margin |
7.99 |
Impressive |
Industrial
Average |
5.26 |
|
Return on Assets |
8.18 |
Satisfactory |
Industrial
Average |
8.82 |
|
Return on Equity |
22.13 |
Impressive |
Industrial
Average |
20.98 |
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 42.7%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 7.99%, 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 8.18%.
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 22.13%, 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 Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.13 |
Satisfactory |
Industrial
Average |
2.14 |
|
Quick Ratio |
1.50 |
|
|
|
|
Cash Conversion Cycle |
73.30 |
|
|
|
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 2.13 times in 2013, decreased from 2.65 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 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 1.5 times in 2013,
decreased from 1.94 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 74 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Impressive |
Industrial
Average |
0.75 |
|
Debt to Equity Ratio |
1.71 |
Acceptable |
Industrial
Average |
1.74 |
|
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 0.63 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.81 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.02 |
Deteriorated |
Industrial Average |
2.18 |
|
Inventory Conversion Period |
137.30 |
|
|
|
|
Inventory Turnover |
2.66 |
Acceptable |
Industrial
Average |
5.04 |
|
Receivables Conversion Period |
72.81 |
|
|
|
|
Receivables Turnover |
5.01 |
Impressive |
Industrial
Average |
3.17 |
|
Payables Conversion Period |
136.81 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.01 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 90 days at the
end of 2012 to 137 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 4.05 times in year 2012 to 2.66 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.02 times and 1.06
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.63 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
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.