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MIRA INFORM REPORT
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Report No. : |
495055 |
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Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
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Name : |
MOLECULAR LIMITED |
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Registered Office : |
869/179 Soi Sukhumvit
101, Sukhumvit Road, Bangchak, Phrakhanong, Bangkok 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
08.07.2010 |
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Com. Reg. No.: |
0105553082721 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is engaged in importing and distributing of laboratory
chemicals. |
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No. of Employees : |
8 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Thailand |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise
economy, and generally pro-investment policies, Thailand is highly dependent on
international trade, with exports accounting for about two-thirds of GDP.
Thailand’s exports include electronics, agricultural commodities, automobiles
and parts, and processed foods. The industry and service sectors produce about
90% of GDP. The agricultural sector, comprised mostly of small-scale farms,
contributes only 10% of GDP but employs about one-third of the labor force.
Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly
from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially.
In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10)
per day minimum wage policy and deployed new tax reforms designed to lower
rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since
the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation,
low unemployment, and reasonable public and external debt levels. Tourism and
government spending - mostly on infrastructure and short-term stimulus measures
– have helped to boost the economy, and The Bank of Thailand has been
supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and
an aging population pose risks to growth.
|
Source
: CIA |
Company name
MOLECULAR LIMITED
SUMMARY
BUSINESS ADDRESS : 869/179 SOI
SUKHUMVIT 101, SUKHUMVIT
ROAD, BANGCHAK, PHRAKHANONG, BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2741-8491-3
FAX : [66] 2741-8357
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2010
REGISTRATION NO. : 0105553082721
TAX ID NO. : 3034050355
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. ARSKARAPHON KUNAPERMSIRI,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 8
LINES OF BUSINESS : LABORATORY CHEMICALS
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 July
8, 2010 as
a private limited
company under the
registered name MOLECULAR
LIMITED, by Thai group,
with the business
objective to import
and distribute laboratory
chemicals. It currently
employs 8 staff.
The subject’s registered
address is 869/179
Soi Sukhumvit 101,
Sukhumvit Road, Bangchak,
Phrakhanong, Bangkok 10120,
and this is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
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|
Mr. Arskaraphon Kunapermsiri |
|
Thai |
39 |
|
Mr. Chawanan Kunapermsiri |
|
Thai |
35 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Arskaraphon Kunapermsiri is
the Managing Director.
He is Thai
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing of laboratory
chemicals.
PURCHASE
90% of the
products is imported
from India, the
remaining 10% is
purchased from local
supplier.
SALES
100% of the products is
sold locally by
wholesale to traders,
manufacturers and
end-users both private
and government sector.
ASSOCIATED COMPANY
Molecule Co., Ltd.
Business Type :
Importer and distributor
of laboratory chemicals
and equipments.
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 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.
BANKING
Bangkok Bank Public
Company Limited
EMPLOYMENT
The subject employs
8 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 operating
performance in 2016
was satisfactory with an
increase in sales
income comparing to the
previous year. An
increase in sales
figures was generated
from an increase
in demand of the products
from private and
government sectors in
the past year.
Generally, the subject’s
business is promising
and growing gradually.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 29,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Arskaraphon Kunapermsiri Nationality: Thai Address : 869/179
Soi Sukhumvit 101,
Sukhumvit Road, Bangchak,
Phrakhanong, Bangkok |
4,995 |
49.95 |
|
Mr. Chawanan Kunapermsiri Nationality: Thai Address : 869/179
Soi Sukhumvit 101,
Sukhumvit Road, Bangchak,
Phrakhanong, Bangkok |
4,995 |
49.95 |
|
Mrs. Wanida Kunapermsiri Nationality: Thai Address : 869/179
Soi Sukhumvit 101,
Sukhumvit Road, Bangchak,
Phrakhanong, Bangkok |
10 |
0.10 |
Total Shareholders : 3
Share Structure [as
at April 29,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Oranuch Kajornrojanawat No.
10333
BALANCE SHEET [BAHT]
The latest financial
figures published for December
31, 2016, 2015
and 2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,764,500.13 |
2,761,284.41 |
3,351,913.50 |
|
Trade Accounts Receivable
|
3,355,733.51 |
2,844,099.25 |
3,098,885.61 |
|
Inventories |
1,918,615.93 |
1,986,449.42 |
1,616,011.30 |
|
Total Current Assets
|
9,038,849.57 |
7,591,833.08 |
8,066,810.41 |
|
Total Assets |
9,038,849.57 |
7,591,833.08 |
8,066,810.41 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Trade Accounts and Other
Payable |
707,030.58 |
740,911.68 |
340,604.78 |
|
Short-term Loan from Related Person |
5,720,000.00 |
4,370,000.00 |
5,420,000.00 |
|
Accrued Income Tax |
- |
3,952.42 |
11,247.78 |
|
Total Current Liabilities |
6,427,030.58 |
5,114,864.10 |
5,771,852.56 |
|
Total Liabilities |
6,427,030.58 |
5,114,864.10 |
5,771,852.56 |
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|
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Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, and
issued share capital
10,000 shares
|
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -Unappropriated [Deficit] |
1,611,818.99 |
1,476,968.98 |
1,294,957.85 |
|
Total Shareholders’ Equity |
2,611,818.99 |
2,476,968.98 |
2,294,957.85 |
|
Total Liabilities and Shareholders’ Equity |
9,038,849.57 |
7,591,833.08 |
8,066,810.41 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Income |
20,852,632.85 |
18,995,071.54 |
17,866,080.99 |
|
Total Revenues |
20,852,632.85 |
18,995,071.54 |
17,866,080.99 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
18,149,229.43 |
15,845,189.45 |
15,520,758.68 |
|
Administrative Expenses |
2,568,553.41 |
2,963,918.54 |
2,130,208.96 |
|
Total Expenses |
20,717,782.84 |
18,809,107.99 |
17,650,967.64 |
|
|
|
|
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Profit /[Loss] before Income
Tax |
134,850.01 |
182,011.13 |
215,113.35 |
|
Income Tax |
- |
[3,952.42] |
[11,247.78] |
|
Net Profit / [Loss] |
134,850.01 |
182,011.13 |
203,865.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.41 |
1.48 |
1.40 |
|
QUICK RATIO |
TIMES |
1.11 |
1.10 |
1.12 |
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ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.31 |
2.50 |
2.21 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
38.59 |
45.76 |
38.00 |
|
INVENTORY TURNOVER |
TIMES |
9.46 |
7.98 |
9.60 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
58.74 |
54.65 |
63.31 |
|
RECEIVABLES TURNOVER |
TIMES |
6.21 |
6.68 |
5.77 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.22 |
17.07 |
8.01 |
|
CASH CONVERSION CYCLE |
DAYS |
83.10 |
83.34 |
93.30 |
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.04 |
83.42 |
86.87 |
|
SELLING & ADMINISTRATION |
% |
12.32 |
15.60 |
11.92 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
12.96 |
16.58 |
13.13 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.65 |
0.98 |
1.20 |
|
NET PROFIT MARGIN |
% |
0.65 |
0.96 |
1.14 |
|
RETURN ON EQUITY |
% |
5.16 |
7.35 |
8.88 |
|
RETURN ON ASSET |
% |
1.49 |
2.40 |
2.53 |
|
EARNING PER SHARE |
BAHT |
13.49 |
18.20 |
20.39 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.67 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.46 |
2.06 |
2.52 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
9.78 |
6.32 |
|
|
OPERATING PROFIT |
% |
(27.49) |
(13.55) |
|
|
NET PROFIT |
% |
(25.91) |
(10.72) |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
19.06 |
(5.89) |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is 9.78%. Turnover has increased from THB
18,995,071.54 in 2015 to THB 20,852,632.85 in 2016. While net profit has
decreased from THB 182,011.13 in 2015 to THB 134,850.01 in 2016. And total
assets has increased from THB 7,591,833.08 in 2015 to THB 9,038,849.57 in 2016.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.96 |
Deteriorated |
Industrial Average |
86.25 |
|
Net Profit Margin |
0.65 |
Deteriorated |
Industrial Average |
3.54 |
|
Return on Assets |
1.49 |
Acceptable |
Industrial Average |
5.65 |
|
Return on Equity |
5.16 |
Acceptable |
Industrial Average |
13.41 |
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 12.96%. 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 0.65%.
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 1.49%.
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 5.16%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.41 |
Satisfactory |
Industrial Average |
1.64 |
|
Quick Ratio |
1.11 |
|
|
|
|
Cash Conversion Cycle |
83.10 |
|
|
|
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 1.41 times in 2016, decrease from 1.48 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 1.11 times in 2016,
increase from 1.1 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 84 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Acceptable |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
2.46 |
Risky |
Industrial Average |
1.42 |
|
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 0.71 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 |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
2.31 |
Impressive |
Industrial Average |
1.59 |
|
Inventory Conversion Period |
38.59 |
|
|
|
|
Inventory Turnover |
9.46 |
Impressive |
Industrial Average |
3.35 |
|
Receivables Conversion Period |
58.74 |
|
|
|
|
Receivables Turnover |
6.21 |
Impressive |
Industrial Average |
3.06 |
|
Payables Conversion Period |
14.22 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.21 and 6.68 in
2016 and 2015 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 2016
decreased from 2015. This would suggest the company had deteriorated 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 decreased from 46 days at the
end of 2015 to 39 days at the end of 2016. This represents a positive trend.
And Inventory turnover has increased from 7.98 times in year 2015 to 9.46 times
in year 2016.
The company's Total Asset Turnover is calculated as 2.31 times and 2.5
times in 2016 and 2015 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.99 |
|
|
1 |
INR 89.91 |
|
Euro |
1 |
INR 80.21 |
|
Thai Baht |
1 |
INR 2.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.