MIRA INFORM REPORT
|
Report No. : |
335088 |
|
Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BIO SHINE CO., LTD. |
|
|
|
|
Formerly Known As : |
PET GOURME CO., LTD. |
|
|
|
|
Registered Office : |
10 Soi Phuttabucha 39 Yaek 1-1, Phuttabucha Road, Bangmod, Thungkru, Bangkok 10140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.08.2008 |
|
|
|
|
Com. Reg. No.: |
0115551008699 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Healthcare Products and Chemicals. |
|
|
|
|
No. of Employees : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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 has historically had a strong economy due in part to industrial and
agriculture exports - mostly electronics, agricultural commodities, automobiles
and parts, and processed foods. The economy experienced slow growth and
declining exports in 2014, in part due to domestic political turmoil and
sluggish global demand. With full employment, Thailand attracts an estimated 4
million migrant workers from neighboring countries, and faces labor shortages.
Following the May 2014 coup d’tat, tourism decreased 6-7% but is beginning to
recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
name and address
BIO SHINE CO., LTD.
[FORMER:
PET GOURME CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 10
SOI PHUTTABUCHA 39
YAEK 1-1,
PHUTTABUCHA ROAD,
BANGMOD,
THUNGKRU, BANGKOK
10140,
THAILAND
TELEPHONE : [66] 2870-7778,
2870-7061
FAX :
[66] 2870-7061
E-MAIL
ADDRESS : pc.bioshine@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0115551008699
TAX
ID NO. : 3033175363
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
SHAREHOLDER’S PROPORTION : THAI : 90.83%
HONG KONG : 9.17%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. NATKAMOL THAMSATHITMUN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : HEALTHCARE PRODUCTS
AND CHEMICALS
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 August 18, 2008
as a private
limited company under
the originally registered name “Pet Gourme
Co., Ltd.”, by Thai
and Hong Kong
groups, in order
to import and
distribute healthcare products
and chemicals for
various industries. On October
12, 2012, its
registered name was
changed to BIO
SHINE CO., LTD.
It currently employs
6 staff.
The
subject’s registered address is 10
Soi Phuttabucha 39 Yaek
1-1, Phuttabucha Road,
Bangmod, Thungkru, Bangkok
10140, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Natkamol Thamsathitmun |
|
Thai |
34 |
|
Mr. Pattana Thonking |
|
Thai |
39 |
|
Mr. Tara Tavicharodom |
|
Thai |
37 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Natkamol Thamsathitmun is
the Managing Director.
She is Thai
nationality with the
age of 34
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing and distributing
healthcare products, as
well as additive
foods and chemicals
for pharmaceutical, dietary
supplement and feed
industries.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas mainly in
Republic of China.
SALES
100% of the
products is sold
locally by wholesale
to traders, manufacturers
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 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
6 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office and
warehouse at the
heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject’s business is
promising as domestic
demand of healthcare
products, food additive
and pharmaceutical chemicals has
steady grown. Subject’s
main business is
wholesaler, which its
sale is continued
growing.
FINANCIAL
INFORMATION
The
capital was registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 3,000,000
on March 19,
2013
Bht. 5,000,000
on June 24,
2014
Bht. 6,000,000
on March 25,
2015
The
latest registered capital
was increased to
Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Natkamol Thamsathitmun Nationality: Thai Address : 99/631
Moo 4, T. Bangpleeyai, A.
Bangplee, Samutprakarn |
11,550 |
19.25 |
|
Mr. Pattana Thonking Nationality: Thai Address : 134/2
T. Ngiw, A. Pakthongchai,
Nakornratchasima |
9,350 |
15.58 |
|
Mr. Taweesak Suanmaplub Nationality: Thai Address : 414
T. Bangplasroy, A. Muang, Chonburi |
8,250 |
13.75 |
|
Mrs. Chamnean Saeboon Nationality: Thai Address : 25
Rajdamnoen Road, T. Thabthieng, A. Muang,
Trang |
8,250 |
13.75 |
|
Ms. Jitrawadee Suesat Nationality: Thai Address : 366
Moo 7, T. Theparak, A. Muang,
Samutprakarn |
5,500 |
9.17 |
|
Mr. Lai Cheuk Ming Nationality: Hong Kong Address : Room 1209,
12/F, HSH Mong Kok
Plaza, Nathan Road,
Kao Loon, Hong
Kong |
5,500 |
9.17 |
|
Ms. Tulaporn Jongjetsuk Nationality: Thai Address : 9/1
Moo 8, T. Chainam,
A. Wangthong,
Phitsanuloke |
3,300 |
5.50 |
|
Mr. Watcharakarn Markkaew Nationality: Thai Address : 38/1
Moo 6, T. Nangtakian, A. Muang,
Samutsongkram |
3,300 |
5.50 |
|
Mr. Prasert Smittiwong Nationality: Thai Address : 393/827
Soi Ladprao 94,
Pubpla, Wangthonglang, Bangkok |
2,500 |
4.165 |
|
Mrs. Siriwan Somla Nationality: Thai Address : 94
Moo 2, T. Thunglooknok, A.
Kampaengsaen, Nakornpathom |
2,500 |
4.165 |
Total Shareholders : 10
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
54,500 |
90.83 |
|
Foreign-Hong Kong |
1 |
5,500 |
9.17 |
|
Total |
10 |
60,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Navara Patcharakeratikul No.
9553
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
2,186,333.22 |
401,924.24 |
48,456.17 |
|
Trade Accounts Receivable |
5,295,696.77 |
1,662,510.25 |
- |
|
Inventories |
6,045,414.81 |
2,473,522.00 |
- |
|
Other Current Assets
|
30,887.47 |
149.10 |
393.23 |
|
|
|
|
|
|
Total Current Assets
|
13,558,332.27 |
4,538,105.59 |
48,849.40 |
|
Receivable - Loan to Related
Person |
- |
- |
646,000.00 |
|
Equipment - Net |
169,296.28 |
120,995.53 |
- |
|
Intangible Assets - Net |
18,042.74 |
23,642.74 |
- |
|
Other Non-current Assets
- Deposit &
Guarantee |
16,640.00 |
16,640.00 |
- |
|
Total Assets |
13,762,311.29 |
4,699,383.86 |
694,849.40 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term Loan |
- |
1,200,000.00 |
- |
|
Trade Accounts
& Other Payable |
8,431,886.67 |
1,498,842.67 |
12,587.52 |
|
Accrued Income
Tax |
115,530.58 |
- |
- |
|
|
|
|
|
|
Total Current
Liabilities |
8,547,417.25 |
2,698,842.67 |
12,587.52 |
|
Loan from
Director |
430,000.00 |
447,821.52 |
- |
|
Total Liabilities |
8,977,417.25 |
3,146,664.19 |
12,587.52 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized &
issued share capital
10,000 shares
in 2012 |
|
|
1,000,000.00 |
|
30,000 shares
in 2013 |
|
3,000,000.00 |
|
|
50,000 shares
in 2014 |
5,000,000.00 |
|
|
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
3,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated
[Deficit] |
[215,105.96] |
[1,447,280.33] |
[317,738.12] |
|
|
|
|
|
|
Total Shareholders' Equity |
4,785,894.04 |
1,552,719.67 |
682,261.88 |
|
Total Liabilities &
Shareholders' Equity |
13,762,311.29 |
4,699,383.86 |
694,849.40 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
37,052,928.65 |
7,233,397.50 |
9,800.00 |
|
Interest Income |
2,645.81 |
59.10 |
5.59 |
|
Other Income |
21,721.97 |
8,957.86 |
- |
|
Total Revenues |
37,077,296.43 |
7,242,414.46 |
9,805.59 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
32,226,608.87 |
6,705,328.70 |
8,960.00 |
|
Selling Expenses |
2,211,406.93 |
793,695.54 |
- |
|
Administrative Expenses |
1,063,126.67 |
834,787.27 |
46,663.70 |
|
Total Expenses |
35,501,142.47 |
8,333,811.51 |
55,623.70 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,576,153.96 |
[1,091,397.05] |
[45,818.11] |
|
Financial Cost |
[227,811.92] |
[38,145.16] |
- |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
1,348,342.04 |
[1,129,542.21] |
[45,818.11] |
|
Income Tax |
[116,167.67] |
- |
- |
|
Net Profit / [Loss] |
1,232,174.37 |
[1,129,542.21] |
[45,818.11] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.59 |
1.68 |
3.88 |
|
QUICK RATIO |
TIMES |
0.88 |
0.76 |
3.85 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
218.86 |
59.78 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.69 |
1.54 |
0.01 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.47 |
134.64 |
- |
|
INVENTORY TURNOVER |
TIMES |
5.33 |
2.71 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
52.17 |
83.89 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
7.00 |
4.35 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
95.50 |
81.59 |
512.77 |
|
CASH CONVERSION CYCLE |
DAYS |
25.14 |
136.95 |
(512.77) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.97 |
92.70 |
91.43 |
|
SELLING & ADMINISTRATION |
% |
8.84 |
22.51 |
476.16 |
|
INTEREST |
% |
0.61 |
0.53 |
- |
|
GROSS PROFIT MARGIN |
% |
13.09 |
7.43 |
8.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.25 |
(15.09) |
(467.53) |
|
NET PROFIT MARGIN |
% |
3.33 |
(15.62) |
(467.53) |
|
RETURN ON EQUITY |
% |
25.75 |
(72.75) |
(6.72) |
|
RETURN ON ASSET |
% |
8.95 |
(24.04) |
(6.59) |
|
EARNING PER SHARE |
BAHT |
24.64 |
(37.65) |
(4.58) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.65 |
0.67 |
0.02 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.88 |
2.03 |
0.02 |
|
TIME INTEREST EARNED |
TIMES |
6.92 |
(28.61) |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
412.25 |
73,710.18 |
|
|
OPERATING PROFIT |
% |
(244.42) |
2,282.02 |
|
|
NET PROFIT |
% |
209.09 |
(2,365.27) |
|
|
FIXED ASSETS |
% |
39.92 |
- |
|
|
TOTAL ASSETS |
% |
192.85 |
576.32 |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth is 412.25%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.09 |
Satisfactory |
Industrial
Average |
15.59 |
|
Net Profit Margin |
3.33 |
Impressive |
Industrial
Average |
1.87 |
|
Return on Assets |
8.95 |
Impressive |
Industrial
Average |
5.92 |
|
Return on Equity |
25.75 |
Impressive |
Industrial
Average |
15.05 |
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 13.09%. 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 3.33%,
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 8.95%, 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 25.75%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.59 |
Impressive |
Industrial
Average |
1.24 |
|
Quick Ratio |
0.88 |
|
|
|
|
Cash Conversion Cycle |
25.14 |
|
|
|
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 1.59 times in 2014, decreased from 1.68 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 0.88 times in 2014,
increased from 0.76 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 26 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.65 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
1.88 |
Risky |
Industrial
Average |
1.84 |
|
Times Interest Earned |
6.92 |
Impressive |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 6.92 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 0.65 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 |
218.86 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.69 |
Satisfactory |
Industrial
Average |
2.70 |
|
Inventory Conversion Period |
68.47 |
|
|
|
|
Inventory Turnover |
5.33 |
Acceptable |
Industrial
Average |
10.08 |
|
Receivables Conversion Period |
52.17 |
|
|
|
|
Receivables Turnover |
7.00 |
Satisfactory |
Industrial
Average |
7.61 |
|
Payables Conversion Period |
95.50 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.00 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 decreased from 135 days at the
end of 2013 to 68 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 2.71 times in year 2013 to 5.33 times
in year 2014.
The company's Total Asset Turnover is calculated as 2.69 times and 1.54
times in 2014 and 2013 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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.