MIRA INFORM REPORT
|
Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
EASTERNRICE
COMPANY LIMITED |
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Registered Office : |
45/3 Moo 10, Sukprayul Road, T. Narpratart, A. Phanusnikom, Chonburi 20140, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.03.2005 |
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Com. Reg. No.: |
02055480076017 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Exporter of Rice Products |
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No. of Employees
: |
approximately 30
Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
EASTERNRICE COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 45/3
MOO 10, SUKPRAYUL
ROAD, T. NARPRATART,
A.
PHANUSNIKOM, CHONBURI 20140,
THAILAND
TELEPHONE : [66] 38
461-316, 38 366-063,
081 428-9946
FAX :
[66] 38
366-064
E-MAIL
ADDRESS : easternrice@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0205548007601
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 : MS. SUVIMOL PONGPITHAYANAN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : RICE
PRODUCTS
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : LOW
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on March 15,
2005 as a
private limited company under
the registered name
EASTERNRICE COMPANY LIMITED
by Thai groups, with the
business objective to
export various kinds
of rice. It
currently employs approximate
30 staff.
The
subject’s registered address
is 45/3 Moo
10, Sukprayul Rd.,
T. Narpratart,
A. Phanusnikom, Chonburi
20140, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
Ms. Suvimol Pongpithayanan
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Suvimol Pongpithayanan is
the Managing Director.
She is Thai
nationality with the
age of 54 years
old.
BUSINESS OPERATIONS
The subject is engaged in
exporting various kinds
of rice, such
as jasmine rice,
white rice, parboiled rice, brown rice and broken rice, under its owned
brands “DIAMONDS” and “GLOBE” .
PURCHASE
100% of the
products is purchased
from local rice mill operator.
MAJOR
SUPPLIER
Samakhikijthanya Ricemill
Co., Ltd. :
Thailand
EXPORT
100% of the
products is exported
to the countries in
Europe, Middle East
and
Africa.
RELATED
AND AFFILIATED COMPANY
Samakhikijthanya Ricemill Co.,
Ltd.
Business Type :
Ricemill operator.
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and warehouse at the heading
address. Premise is
located in provincial,
in the Eastern region.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The
rice prices are
uncertain in the wake
of flooding that
has devastated Thailand.
The loss of
a millions tons
of rice since
the floods began
in September 2011
have effected Thailand’s rice
exporter. Subject had
also faced the
same problem in
2010 caused by floods
which had small
amount of rice
for export.
In
2011 the possible
spikes in the price
of rice is concerned not
only from shortage
of rice from floods
will surge the market
price, but a new
Thai government policy
of paying higher
prices to rice
producer will also
have a greater impact on
Thailand’s exports. Many
importing countries already
have ample rice
stocks, and there
is more rice
to be traded
after India lifted
its ban on
rice exports.
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
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Suvimol Pongpithayanan Nationality: Thai Address : 45/3
Moo 10, Sukprayul
Rd., T.
Narpratart, A. Phanusnikom, Chonburi |
38,500 |
77.00 |
|
Mrs. Yupadee Permmaneenil Nationality: Thai Address : 3599/83
Trok Nokkhet, Charoenraj
Rd.,
Bangklo, Bangkorlaem, Bangkok |
5,000 |
10.00 |
|
Mrs. Niramol Sujitthosakul Nationality: Thai Address : 112
Moo 10, Bypass
Rd., Napa, Muang, Chonburi |
2,500 |
5.00 |
|
Mr. Supoj Pongpithayanan Nationality: Thai Address : 110/59
Moo 6, Nawamin
Rd., Klongkum,
Buengkum, Bangkok |
2,500 |
5.00 |
|
Mr. Chuan Pongpithayanan Nationality: Thai Address : 8-10
Sukprayul Rd., T. Narpratart, A.
Phanusnikom, Chonburi |
500 |
1.00 |
|
Mr. Sitthichai Sujitthosakul Nationality: Thai Address : 107
Moo 10, Bypass
Rd., Napa, Muang, Chonburi |
500 |
1.00 |
|
Mr. Pornsak Permmaneenil Nationality: Thai Address : 4236/56 Jaruwas Rd.,
Bangkhlo, Bangkorlaem, Bangkok |
500 |
1.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
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. :
Ms. Amornrat Lampithayakul No.
7033
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
102,539.89 |
29,221.17 |
|
Inventories |
135,865.00 |
1,591,234.80 |
|
Short-term Loan to Related
Person |
7,200,000.00 |
- |
|
Deferred Rental Income |
- |
6,979,852.00 |
|
Other Current Assets |
86,354.00 |
- |
|
|
|
|
|
Total Current Assets
|
7,524,758.89 |
8,600,307.97 |
|
|
|
|
|
Fixed Assets |
1,397,605.82 |
728,381.74 |
|
Total Assets |
8,922,364.71 |
9,328,689.71 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Other Payable |
633,333.32 |
- |
|
Short-term Loan from Person
Related |
- |
1,850,000.00 |
|
Accrued Expenses |
47,334.55 |
10,000.00 |
|
Accrued Income Tax |
9,974.10 |
47,150.75 |
|
Other Current Liabilities |
22,516.48 |
1,660.00 |
|
|
|
|
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Total Current Liabilities |
713,158.45 |
1,908,810.75 |
|
Total Liabilities |
713,158.45 |
1,908,810.75 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning-
Unappropriated |
3,209,206.26 |
2,419,878.96 |
|
Total Shareholders' Equity |
8,209,206.26 |
7,419,878.96 |
|
Total Liabilities & Shareholders' Equity |
8,922,364.71 |
9,328,689.71 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
12,012,920.50 |
134,149,211.55 |
|
Rental Income |
4,735,422.00 |
6,979,852.00 |
|
Interest Income |
72,000.00 |
- |
|
Other Income |
- |
1,321,894.74 |
|
Total Sales |
16,820,342.50 |
142,450,958.29 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
14,722,513.64 |
139,325,206.33 |
|
Selling Expenses |
9,673.00 |
1,284.00 |
|
Administrative Expenses |
1,019,663.22 |
732,056.60 |
|
Other Expenses |
152,038.50 |
1,448,187.56 |
|
Total Expenses |
15,903,888.36 |
141,506,734.49 |
|
Profit / [Loss] before Income
Tax |
916,454.14 |
944,223.80 |
|
Income Tax |
[127,126.84] |
[127,460.13] |
|
|
|
|
|
Net Profit / [Loss] |
789,327.30 |
816,763.67 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
10.55 |
4.51 |
|
QUICK RATIO |
TIMES |
0.14 |
0.02 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.98 |
193.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.88 |
15.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
3.37 |
4.17 |
|
INVENTORY TURNOVER |
TIMES |
108.36 |
87.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
3.37 |
4.17 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.90 |
98.72 |
|
SELLING & ADMINISTRATION |
% |
6.15 |
0.52 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
12.53 |
2.21 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.47 |
0.67 |
|
NET PROFIT MARGIN |
% |
4.71 |
0.58 |
|
RETURN ON EQUITY |
% |
9.62 |
11.01 |
|
RETURN ON ASSET |
% |
8.85 |
8.76 |
|
EARNING PER SHARE |
BAHT |
15.79 |
16.34 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.08 |
0.20 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.09 |
0.26 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(88.13) |
|
|
OPERATING PROFIT |
% |
(2.94) |
|
|
NET PROFIT |
% |
(3.36) |
|
|
FIXED ASSETS |
% |
91.88 |
|
|
TOTAL ASSETS |
% |
(4.36) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
12.53 |
Impressive |
Industrial
Average |
8.23 |
|
Net Profit Margin |
4.71 |
Impressive |
Industrial
Average |
0.84 |
|
Return on Assets |
8.85 |
Impressive |
Industrial
Average |
2.36 |
|
Return on Equity |
9.62 |
Impressive |
Industrial
Average |
7.13 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 12.53%. When
compared with the industry average, the ratio of the company was higher, this
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 4.71%
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
8.85%, 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 9.62%, 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 |
10.55 |
Impressive |
Industrial
Average |
1.39 |
|
Quick Ratio |
0.14 |
|
|
|
|
Cash Conversion Cycle |
3.37 |
|
|
|
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 10.55 times in 2010, increased from 4.51 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 0.14 times in 2010,
increased from 0.02 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 4 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.08 |
Impressive |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
0.09 |
Impressive |
Industrial
Average |
1.57 |
|
Times Interest Earned |
- |
|
Industrial
Average |
1.66 |
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 0.08 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.98 |
Impressive |
Industrial
Average |
5.75 |
|
Total Assets Turnover |
1.88 |
Acceptable |
Industrial
Average |
2.52 |
|
Inventory Conversion Period |
3.37 |
|
|
|
|
Inventory Turnover |
108.36 |
Impressive |
Industrial
Average |
7.57 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
7.23 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
UK Pound |
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.