MIRA
INFORM REPORT
|
Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALFA RUBBER
INDUSTRY COMPANY LIMITED |
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Registered Office : |
7/248
Moo 3, T. Nernphra, A. Muang, Rayong Province
21000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
01.03.2000 |
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Com. Reg. No.: |
0215543000306 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Distributor of Industrial Machinery
and Spare Parts |
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 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
ALFA
RUBBER INDUSTRY COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 7/248
MOO 3, T. NERNPHRA, A. MUANG,
RAYONG PROVINCE
21000, THAILAND
TELEPHONE : [66] 081
945-2598
FAX :
[66] 38
944-360
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0215543000306
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JEERASAK PANUSCHAROENSRI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
AND SPARE PARTS
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established
on March 1,
2000 as a
private limited company under
the registered name
ALFA RUBBER INDUSTRY COMPANY
LIMITED, by Thai groups,
with the business
objective to distribute
industrial machinery and
spare parts to local market. It
currently employs 5
staff.
During
2009-2010, its business
had been stopped temporarily,
and has been re-started
in 2011.
The subject’s registered
address is 7/248 Moo 3,
T. Nernphra, A. Muang,
Rayong 21000, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Jeerasak Panuscharoensri
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Jeerasak Panuscharoensri is
the Managing Director.
He is Thai
nationality with the
age of 47
years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing industrial machinery
and spare parts,
mainly for rubber
industry.
PURCHASE
100%
of the products
is purchased from
local supplier.
SALES
100% of the
products is sold
locally to manufacturers
and end-users.
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 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 5 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in provincial,
in the Eastern
region.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
5,000.
COMMENT
Subject has
re-started its operation
in 2011 after
it had temporally
been stopped during
2009-2010 due to
economic uncertainty and
sluggish market. Industrial
improvement would appreciate
new investment and expansion
of machinery and
spare parts. Subject’s business outlook is
promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into
10,000 shares of
Bht. 100 each with
fully paid.
On
June 17, 2005,
the capital was
increased to Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Jeerasak Panuscharoensri Nationality: Thai Address : 261
Moo 5, Thaboonmee,
Kohchan, Chonburi |
39,400 |
98.50 |
|
Ms. Angkana Saelee Nationality: Thai Address : 2069/2071
Charoenkrung Rd.,
Wadphrayakrai,
Bangkorlaem, Bangkok |
100 |
0.25 |
|
Mr. Rathakorn Puangmanee Nationality: Thai Address : 7/212
Moo 4, Sukhapiban
3 Rd.,
Minburi, Bangkok |
100 |
0.25 |
|
Ms. Wasana Charoenporn Nationality: Thai Address : 13
Moo 3, Nonghuaku,
Muang, Udornthani |
100 |
0.25 |
|
Mrs. Amorn Srisawad Nationality: Thai Address : 265/99
Sathupradit Rd., Chongnonsi,
Yannawa, Bangkok |
100 |
0.25 |
|
Mr. Jeerawuth Chailert Nationality: Thai Address : 37/35
Ekachai Rd., Bangkhunthien, Jomthong, Bangkok |
100 |
0.25 |
|
Mr. Somsakul Lohityothin Nationality: Thai Address : 56
Prachathipok Rd., Wadkalaya,
Thonburi, Bangkok |
100 |
0.25 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Pimpanas Thitipattanakul No.
3908
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
333.32 |
3,561.56 |
|
Trade Accounts Receivable |
1,617,633.30 |
3,367,910.40 |
|
Other Current Assets |
2,719.84 |
2,245.02 |
|
|
|
|
|
Total Current Assets
|
1,620,686.46 |
3,373,716.98 |
|
|
|
|
|
Fixed Assets |
5,497,811.24 |
5,503,275.35 |
|
Total Assets |
7,118,497.70 |
8,876,992.33 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2009 |
2008 |
|
|
|
|
|
Other Current Liabilities |
15,733.15 |
16,495.84 |
|
|
|
|
|
Total Current Liabilities |
15,733.15 |
16,495.84 |
|
|
|
|
|
Long-term Loan from Person & Related Company |
5,258,691.78 |
6,682,420.62 |
|
Total Liabilities |
5,274,424.93 |
6,698,916.46 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning-
Unappropriated |
[2,155,927.23] |
[1,821,924.13] |
|
Total Shareholders' Equity |
1,844,072.77 |
2,178,075.87 |
|
Total Liabilities & Shareholders' Equity |
7,118,497.70 |
8,876,992.33 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales Income |
- |
1,736,773.57 |
|
Other Income |
6.01 |
30,991.07 |
|
Total Revenues |
6.01 |
1,767,764.64 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
- |
1,020,000.00 |
|
Selling Expenses |
- |
- |
|
Administrative Expenses |
334,009.11 |
312,194.35 |
|
Other Expenses |
- |
186,856.71 |
|
Total Expenses |
334,009.11 |
1,519,051.06 |
|
|
|
|
|
Net Profit / [Loss] |
[334,003.10] |
248,713.58 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
103.01 |
204.52 |
|
QUICK RATIO |
TIMES |
102.84 |
204.38 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
0.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
0.20 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
707.80 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
0.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
707.80 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
- |
58.73 |
|
SELLING & ADMINISTRATION |
% |
- |
17.98 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
43.05 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
14.32 |
|
NET PROFIT MARGIN |
% |
- |
14.32 |
|
RETURN ON EQUITY |
% |
(18.11) |
11.42 |
|
RETURN ON ASSET |
% |
(4.69) |
2.80 |
|
EARNING PER SHARE |
BAHT |
(8.35) |
6.22 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.74 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.86 |
3.08 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(100.00) |
|
|
OPERATING PROFIT |
% |
(234.29) |
|
|
NET PROFIT |
% |
(234.29) |
|
|
FIXED ASSETS |
% |
(0.10) |
|
|
TOTAL ASSETS |
% |
(19.81) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial Average |
16.81 |
|
Net Profit Margin |
- |
|
Industrial Average |
8.23 |
|
Return on Assets |
(4.69) |
Deteriorated |
Industrial Average |
10.11 |
|
Return on Equity |
(18.11) |
Deteriorated |
Industrial Average |
30.79 |
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 -4.69%.
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 -18.11%.
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 |
103.01 |
Impressive |
Industrial Average |
0.79 |
|
Quick Ratio |
102.84 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 103.01 times in 2009, decrease from 204.52 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 102.84 times in 2009,
decrease from 204.38 times, although excluding inventory so the company still
have good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.74 |
Impressive |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
2.86 |
Risky |
Industrial Average |
1.66 |
|
Times Interest Earned |
- |
|
Industrial Average |
5.46 |
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 0.74 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
2.46 |
|
Total Assets Turnover |
- |
|
Industrial Average |
1.23 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
5.08 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
5.98 |
|
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.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
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.