MIRA
INFORM REPORT
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Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
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Name : |
BILAL K. COMPANY LIMITED |
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Registered Office : |
79/7-8 Soi Ladprao 112, Ladprao Road, Wangthonglang, Bangkok 10310 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
22.07.2008 |
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Com. Reg. No.: |
0105551079707 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Fashion Garment |
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No. of Employees : |
5 |
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 : |
No Complaints |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
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 |
Company name and address
BILAL
K. COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 79/7-8 SOI
LADPRAO 112, LADPRAO
ROAD,
WANGTHONGLANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2931-8881,
084 111-1802
FAX :
[66] 2931-8881
E-MAIL
ADDRESS : dearlylaya@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551079707
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 : MRS. SADEH HIMLAE,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : FASHION GARMENT
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 22,
2008 as a
private limited company under the registered name BILAL K. COMPANY LIMITED by
Thai groups, with the business
objective to import and distribute
fashion garment to domestic
market. It currently
employs 5 staff.
The subject’s registered address
is 79/7-8 Soi Ladprao 112,
Ladprao Rd., Wangthonglang, Bangkok
10310, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mrs. Sadeh Himlae
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Sadeh Himlae is
the Managing Director.
She is Thai
nationality with the
age of 54 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distribute
various kinds of
fashion garment for
men, women and
children.
PURCHASE
90%
of the products
is imported from
Republic of China,
Korea and Malaysia,
the remaining 10% is purchased
from local suppliers
and agents.
SALES
100% of the
products is sold
locally both by
wholesale to dealers
and by retail
through
the subject’s showroom.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and showroom at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
Subject
is a small operator
in garment business.
Decline consumption in
domestic market because of
floods impact has
caused to decrease
subject’s sales. Delay
consumer spending would
pressure subject’s performance
this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with fully
paid.
On
April 29, 2009,
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,
2011]
|
NAME |
HOLDING |
% |
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|
|
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Mrs. Sadeh Himlae Nationality: Thai Address : 239
Soi Sumalee, Petchkasem
Rd., Hadyai, Songkhla |
49,800 |
99.60 |
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Mr. Abdaldamis Marsha Nationality: Thai Address : 79/9
Ladprao 112 Rd.,
Wangthonglang, Bangkok |
100 |
0.20 |
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Ms. Bongkoch Sulong Nationality: Thai Address : 58/1
Lamohbok Rd., Tasuban,
Saiburi, Pattani |
100 |
0.20 |
Total Shareholders : 3
Share Structure
[as at
April 30, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
3 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
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Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Jirarat Tantichindaporn No.
6109
Note
The 2010 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
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|
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Cash and Cash Equivalent |
228,554.22 |
227,621.57 |
|
Inventories |
699,240.29 |
- |
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Other Current Assets |
126,500.00 |
10,000.00 |
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Total Current Assets
|
1,054,295.51 |
237,621.57 |
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Long-term Loan to Person or Related Company |
4,050,000.00 |
600,000.00 |
|
Total Assets |
5,104,295.51 |
837,621.57 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
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Trade Accounts Payable |
13,134.20 |
- |
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Other Current Liabilities |
110,086.96 |
5,000.00 |
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Total Current Liabilities |
123,221.16 |
5,000.00 |
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Total Liabilities |
123,221.16 |
5,000.00 |
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Shareholders’ Equity |
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Share capital : Baht 100
par 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 |
1,000,000.00 |
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Retained Earning-
Unappropriated |
[18,925.65] |
[167,378.43] |
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Total Shareholders' Equity |
4,981,074.35 |
832,621.57 |
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Total Liabilities & Shareholders' Equity |
5,104,295.51 |
837,621.57 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
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Sales Income |
8,124,075.82 |
327,500.00 |
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Other Income |
121,746.74 |
5,000.00 |
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Total Revenues |
8,245,822.56 |
332,500.00 |
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Expenses |
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Cost of Goods
Sold |
7,686,117.92 |
382,803.69 |
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Selling Expenses |
153,100.00 |
- |
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Administrative Expenses |
253,397.68 |
117,074.74 |
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Total Expenses |
8,092,615.60 |
499,878.43 |
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Profit / [Loss] before Income
Tax |
153,206.96 |
[167,378.43] |
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Income Tax |
[4,754.18] |
- |
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Net Profit / [Loss] |
148,452.78 |
[167,378.43] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
8.56 |
47.52 |
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QUICK RATIO |
TIMES |
1.85 |
45.52 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
- |
- |
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TOTAL ASSETS TURNOVER |
TIMES |
1.59 |
0.39 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
33.21 |
- |
|
INVENTORY TURNOVER |
TIMES |
10.99 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
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RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.62 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
32.58 |
- |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
94.61 |
116.89 |
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SELLING & ADMINISTRATION |
% |
5.00 |
35.75 |
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INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
6.89 |
(15.36) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.89 |
(51.11) |
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NET PROFIT MARGIN |
% |
1.83 |
(51.11) |
|
RETURN ON EQUITY |
% |
2.98 |
(20.10) |
|
RETURN ON ASSET |
% |
2.91 |
(19.98) |
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EARNING PER SHARE |
BAHT |
2.97 |
(16.74) |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.02 |
0.01 |
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DEBT TO EQUITY RATIO |
TIMES |
0.02 |
0.01 |
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TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
2,380.63 |
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OPERATING PROFIT |
% |
(191.53) |
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NET PROFIT |
% |
188.69 |
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FIXED ASSETS |
% |
- |
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TOTAL ASSETS |
% |
509.38 |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
6.89 |
Acceptable |
Industrial
Average |
12.95 |
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Net Profit Margin |
1.83 |
Impressive |
Industrial
Average |
0.05 |
|
Return on Assets |
2.91 |
Impressive |
Industrial
Average |
0.12 |
|
Return on Equity |
2.98 |
Impressive |
Industrial
Average |
0.36 |
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 6.89%. When
compared with the industry average, the ratio of the company was lower,
indicated that company was originated from the
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 1.83% 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
2.91%, 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 2.98%, 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 RATIO
|
Current Ratio |
8.56 |
Impressive |
Industrial
Average |
1.54 |
|
Quick Ratio |
1.85 |
|
|
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Cash Conversion Cycle |
32.58 |
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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 8.56 times in 2009, decrease from 47.52 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 1.85 times in 2009,
decrease from 45.52 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 33 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.02 |
Impressive |
Industrial
Average |
0.67 |
|
Debt to Equity Ratio |
0.02 |
Impressive |
Industrial
Average |
2.01 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.55 |
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 lower the percentage means that the company is
using less leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.02 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
6.92 |
|
Total Assets Turnover |
1.59 |
Acceptable |
Industrial
Average |
2.19 |
|
Inventory Conversion Period |
33.21 |
|
|
|
|
Inventory Turnover |
10.99 |
Impressive |
Industrial
Average |
4.17 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
2.85 |
|
Payables Conversion Period |
0.62 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
|
1 |
Rs.81.06 |
|
Euro |
1 |
Rs.69.51 |
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.