MIRA INFORM
REPORT
|
Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
TANIKO COMPANY
LIMITED |
|
|
|
|
Registered Office : |
21 Charoennakorn 32/1
Road, Banglampoolang,
Klongsarn, Bangkok 10600 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
15.04.1987 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 125,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No complaints |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
TANIKO COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 21
CHAROENNAKORN 32/1 ROAD,
BANGLAMPOOLANG, KLONGSARN,
TELEPHONE : [66] 2703-9161-3
FAX : [66] 2706-9160
E-MAIL ADDRESS : taniko@dyechemgroup.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530017672 [Former : 1765/2530]
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.
SONGPHOL TRIRATSIRIKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 18
LINES OF
BUSINESS : TANNING CHEMICALS
AND DYESTUFFS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on April
15, 1987 as
a private limited
company under the name style TANIKO COMPANY LIMITED, by Thai-Chinese groups, with the
business objective to import
and distribute various
kinds of tanning
chemicals to domestic
market. It currently
employs 18 staff.
The subject’s registered
address is 21
Charoennakorn Rd., 32/1
Rd., Banglampulang, Klongsan,
Bangkok 10600, and
this is the
subject’s current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Songphol Triratsirikul |
[x] |
Thai |
65 |
|
Mr. Boontham Chongpisari |
|
Thai |
65 |
AUTHORIZED PERSON
The mentioned director
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Songphol Triratsirikul is
the Managing Director.
He is Thai nationality with
the age of 65 years
old.
Mr.
Piram Choophrom is
the Marketing Manager.
He is Thai
nationality with the
age of 61
years old.
BUSINESS OPERATIONS
The subject’s activity
is an importer
and distributor wide range of
tanning chemicals, such
as auxiliary chemicals,
leather dyestuff, dyeing
auxiliary and etc.
IMPORT [COUNTRIES]
100% of its products
is imported from
United Kingdom, Republic of
China, Australia, Italy and
U.S.A.
MAJOR SUPPLIERS
|
Name |
Country |
|
Hodgson Chemical Ltd. |
|
|
Allied Colloids Ltd. |
|
|
Yorkshire [ |
|
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers, wholesalers
and end-user.
SUBSIDIARIES & AFFILIATED
COMPANIES
Dyechem
Business Type: Importer & distributor of
textile chemical
B.P.P [
Business Type: Importer
& distributor of
surface coatings
Charoennakorn
Trading Co., Ltd.
Business Type: Importer and
distributor of tanning
soaps
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.
Imports are by
L/C at sight,
D/A or T/T
on negotiated term.
BANKING
Krung
Thai Bank Public
Co., Ltd.
[Surawong Branch,
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
EMPLOYMENT
The subject employs
18 staff [office
and sales staff].
LOCATION DETAILS
The premise is
owned for operating
office in a
3 storey building
at the heading
address. Premise is
located in commercial/residential area. The
office is shared with Dyechem
Alliance [
Branch office is
located at 83/37-40
Moo 2, Old Sukhumvit
Rd., Taiban, Muang,
Samutprakarn.
REMARK
CREDIT OF US$ 125,000 AGAINST
D/A SHOULD BE ON SECURED
BASIS.
COMMENT
Market of industrial
chemical has been
slowing down, from
poor industrial condition
in the first
half of 2009. The chemical industry
had been affected by
the economic slowdown.
Demand by industries
including textiles, printing,
pulp and paper,
leather production had
fallen dramatically.
According to reducing
in chemical demand
as well as
imported chemicals had
made cost of
products higher. The
subject also had
slow sales and
growth was sluggish.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1 million, divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased later as followed:
Bht. 3,000,000
on November 10,
2003
Bht. 4,000,000
on May 29,
2007
The latest registered
capital was increased
to Bht. 4,000,000
divided into 40,000
shares of Bht.
100 each with
fully paid.
MAIN SHAREHOLDERS
[as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Lee
Chia Ying Nationality: American Address : |
9,860 |
24.65 |
|
Mr.
Songphol Triratsirikul Nationality: Thai Address : 903/27
Rama 3 Rd.,
Bangpongpang, |
6,128 |
15.32 |
|
Mr.
Lee Hsin Hsing Nationality: Singaporean Address : |
5,320 |
13.30 |
|
Mr.
Boontham Chongpisarn Nationality: Thai Address : Prakanong,
|
4,000 |
10.00 |
|
Mr.
Piram Chooprom Nationality: Thai Address : 16
Chalermprakiat R. 9 Rd.,
Dokmai,
Prawes, |
4,000 |
10.00 |
|
Mr.
Sophon Pornlikitchotiwong Nationality: Thai Address :
Bangkapi, |
3,332 |
8.33 |
|
Mr.
Vichai Limlertsap Nationality: Thai Address : 139/25
Moo 1, Thungkru,
|
2,016 |
5.04 |
|
Others |
5,344 |
13.36 |
Total Shareholders : 10
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO
Mrs. Amornrat Injai No. 8311
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
354,539.16 |
187,705.72 |
|
Trade Accts. Receivable
|
16,412,407.02 |
37,836,199.47 |
|
Inventories |
19,069,659.50 |
21,408,791.00 |
|
Other Current Assets
|
137,886.78 |
248,020.15 |
|
Total Current Assets
|
35,974,492.46 |
59,680,716.34 |
|
|
|
|
|
Fixed Assets |
4,080,662.56 |
4,879,326.20 |
|
Intangible Assets |
1,800,000.00 |
1,800,000.00 |
|
Other Assets |
73,000.00 |
73,000.00 |
|
Total Assets |
41,928,155.02 |
66,433,042.54 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institution |
7,419,781.78 |
5,145,379.11 |
|
Trade Accts. Payable |
4,169,366.45 |
7,768,016.39 |
|
Current Portion of Long-term Loan |
242,858.32 |
573,600.00 |
|
Other Current Liabilities |
203,197.63 |
126,932.61 |
|
Total Current Liabilities |
12,035,204.18 |
13,613,928.11 |
|
|
|
|
|
Long-term Loan from Person or Related Company |
14,152,000.00 |
35,324,000.00 |
|
Other Long-term Loan from Person
or Other |
- |
209,909.76 |
|
Total Liabilities |
26,187,204.18 |
49,147,837.87 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 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 |
11,740,950.84 |
13,285,204.67 |
|
Total Shareholders' Equity |
15,740,950.84 |
17,285,204.67 |
|
Total Liabilities &
Shareholders' Equity |
41,928,155.02 |
66,433,042.54 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales Income |
26,016,152.45 |
22,040,189.24 |
|
Other Income |
347,114.70 |
35,000.00 |
|
Total Revenues |
26,363,267.15 |
22,075,189.24 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
19,692,447.25 |
14,350,528.02 |
|
Selling Expenses |
443,746.73 |
464,933.18 |
|
Administrative Expenses |
7,008,162.92 |
6,654,577.59 |
|
Total Expenses |
27,144,356.90 |
21,470,038.79 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
[781,089.75] |
605,150.45 |
|
Interest Expenses |
[598,341.59] |
[636,376.78] |
|
Profit / [Loss] Before Income
Tax |
[1,379,431.34] |
[31,226.33] |
|
Income Tax |
[164,822.49] |
[124,799.45] |
|
Net Profit / [Loss] |
[1,544,253.83] |
[156,025.78] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.99 |
4.38 |
|
QUICK RATIO |
TIMES |
1.39 |
2.79 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.38 |
4.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.62 |
0.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
353.46 |
544.52 |
|
INVENTORY TURNOVER |
TIMES |
1.03 |
0.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
230.26 |
626.59 |
|
RECEIVABLES TURNOVER |
TIMES |
1.59 |
0.58 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
77.28 |
197.58 |
|
CASH CONVERSION CYCLE |
DAYS |
506.44 |
973.54 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOOD SOLD |
% |
75.69 |
65.11 |
|
SELLING & ADMINISTRATION |
% |
28.64 |
32.30 |
|
INTEREST |
% |
2.30 |
2.89 |
|
GROSS PROFIT MARGIN |
% |
25.64 |
35.05 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.00) |
2.75 |
|
NET PROFIT MARGIN |
% |
(5.94) |
(0.71) |
|
RETURN ON EQUITY |
% |
(9.81) |
(0.90) |
|
RETURN ON ASSET |
% |
(3.68) |
(0.23) |
|
EARNING PER SHARE |
BAHT |
(38.61) |
(3.90) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.62 |
0.74 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.66 |
2.84 |
|
TIME INTEREST EARNED |
TIMES |
(1.31) |
0.95 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
18.04 |
|
|
OPERATING PROFIT |
% |
(229.07) |
|
|
NET PROFIT |
% |
(889.74) |
|
|
FIXED ASSETS |
% |
(16.37) |
|
|
TOTAL ASSTES |
% |
(36.89) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
25.64 |
Impressive |
Industrial Average |
10.07 |
|
Net Profit Margin |
(5.94) |
Deteriorated |
Industrial Average |
1.37 |
|
Return on Assets |
(3.68) |
Deteriorated |
Industrial Average |
3.50 |
|
Return on Equity |
(9.81) |
Deteriorated |
Industrial Average |
10.32 |
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. This good performance in 25.64%. When compared
with the industry average, the ratio of the company was higher, 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 -5.94%.
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, its was lower, the company's figure is -3.68%.
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, its was lower, the company's figure is -9.81%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.99 |
Impressive |
Industrial Average |
1.41 |
|
Quick Ratio |
1.39 |
|
|
|
|
Cash Conversion Cycle |
506.44 |
|
|
|
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 2.99 times on 2009, decrease from 4.38 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 operators 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 1.39 times on 2009,
decrease from 2.79 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 it gets from payment terms from its creditors. It meant the company
could survive when no cash inflow was received from sale for 507 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
1.66 |
Acceptable |
Industrial Average |
1.74 |
|
Times Interest Earned |
(1.31) |
Risky |
Industrial Average |
2.23 |
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 A company is
using less leverage and has A stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -1.31 lower than 1, so the company is not generating enough
cash from its operations EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.62 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.38 |
Acceptable |
Industrial Average |
10.31 |
|
Total Assets Turnover |
0.62 |
Deteriorated |
Industrial Average |
2.56 |
|
Inventory Conversion Period |
353.46 |
|
|
|
|
Inventory Turnover |
1.03 |
Deteriorated |
Industrial Average |
7.30 |
|
Receivables Conversion Period |
230.26 |
|
|
|
|
Receivables Turnover |
1.59 |
Deteriorated |
Industrial Average |
4.60 |
|
Payables Conversion Period |
77.28 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
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 Company |
---- |
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.