MIRA INFORM REPORT
|
Report Date : |
11.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASIAN
UNION EXPORTING CO.,
LTD. |
|
|
|
|
Registered Office : |
44/14-15
Sukhumvit 46 Road,
Prakanong, Klongtoey,
Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
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|
|
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Financials (as on) : |
30.04.2011 |
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|
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Date of Incorporation : |
27.05.1986 |
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|
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Com. Reg. No.: |
0105529017702 |
|
|
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|
Legal Form : |
Private
Limited Company |
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|
|
Line of Business : |
Exporter of Foods |
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 |
|
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 – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
ASIAN UNION
EXPORTING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 44/14-15 SUKHUMVIT
46 ROAD, PRAKANONG,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2391-1208,
2391-4612, 2712-1466-9
FAX :
[66] 2391-4684
E-MAIL
ADDRESS : asian786@loxinfo.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529017702
CAPITAL REGISTERED : BHT. 17,000,000
CAPITAL PAID-UP : BHT.
17,000,000
FISCAL YEAR CLOSING DATE : APRIL
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ABDUL SAMI
PIROCHA, PAKISTANI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : FOODS
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 27, 1986
as a private
limited company under the
registered name ASIAN
UNION EXPORTING CO.,
LTD., by Thai and
Pakistani groups, with the
business objective to export various
kinds of foods.
It currently employs 20
staff.
The
subject’s registered address
is 44/14-15 Sukhumvit
46 Rd., Prakanong,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Abdul Sami Piracha |
|
Pakistani |
74 |
|
Ms. Jongjit Phrompraphan |
|
Thai |
60 |
|
Mr. Mohammad Waseem Piracha |
|
Thai |
43 |
|
Mr. Mohammad Zareem Piracha |
|
Canadian |
51 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Abdul Sami Piracha
is the Managing
Director.
He is Pakistani
nationality with the
age of 74
years old.
BUSINESS OPERATIONS
The subject is
engaged in exporting
various kinds of
food products, such
as canned foods,
frozen seafood, fruits &
vegetable, rice [parboiled rice,
white rice, jasmine
rice], black pepper,
coffee beans and
others.
PURCHASE
100% of the
products is purchased
from local suppliers.
EXPORT
100% of the products
is exported to U.S.A.,
and the countries in
Middle East, Africa,
Europe and Asia.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
L/C or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
Export-Import Bank
of Thailand
EMPLOYMENT
The
subject employs approximately 20 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/ residential area.
Warehouse:
9/5 Moo 4, Soi
Watbangpla, Setthakit 1
Rd., T. Bangkao,
A. Muang,
Samutprakarn 74000.
Oversea
Office: 11th
Floor, 11-3 APT
Building, 250 Nguyen
Thi Minh Khai
Street,
Ward 6,
Dist 3, HOMC,
Vietnam. Tel 848
629 11522, Fax.
848 629
11559.
REMARK
CREDIT
OF US$ 125,000
AGAINST DA TERMS
SHOULD BE IN ORDER.
COMMENT
World consumption is
depressive for the subject’s
sales expansion. Food export
to overseas market is
likely slow during the year.
Current economic recession in U.S.A.
and European countries has shortage
demand of food
products, which is the
key to halt subject’s growth
rate.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 3,000,000
on October 2,
1989
Bht. 4,000,000
on July 22,
1998
Bht. 10,000,000
on May 15,
2002
Bht. 17,000,000
on October 3,
2005
The
latest registered capital
was increased to
Bht. 17 million, divided into 170,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
August 31, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Abdul Sami Piracha Nationality: Pakistani Address : 27/30
Soi Charoenjai, Klongtonnua, Wattana, Bangkok |
57,800 |
34.00 |
|
Ms. Jongjit Phrompraphan Nationality: Thai Address : 120/1
Rajvithee Rd., Vajira,
Dusit, Bangkok |
48,450 |
28.50 |
|
Mr. Mohammad Zareem Piracha Nationality: Canadian Address : 27/30
Soi Charoenjai, Klongtonnua,
Wattana, Bangkok |
12,750 |
7.50 |
|
Mrs. Somprasong Phrompraphan Nationality: Thai Address : 120/1 Rajvithee Rd.,
Vajira, Dusit, Bangkok |
12,750 |
7.50 |
|
Mr. Ekaphan Phrompraphan Nationality: Thai Address : 44/14
Sukhumvit 46 Rd.,
Prakanong,
Klongtoey, Bangkok |
12,750 |
7.50 |
|
Mr. Mohammad Waseem Piracha Nationality: Thai Address : 27/30
Soi Charoenjai, Klongtonnua,
Wattana, Bangkok |
12,750 |
7.50 |
|
Mr. Boonnueng Siamwalla Nationality: Thai Address : 141
Rama 9 Rd.,
Bangkapi, Bangkok |
12,750 |
7.50 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pridee Tangaeyoon No.
3166
BALANCE SHEET [BAHT]
The latest financial figures published
as at April
30, 2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
8,055,651.72 |
4,645,089.61 |
|
Trade Accounts Receivable
|
208,984,665.60 |
237,524,168.58 |
|
Inventories |
29,875,415.66 |
32,195,016.43 |
|
Other Current Assets
|
9,161,633.20 |
12,490,894.56 |
|
|
|
|
|
Total Current Assets
|
256,077,366.18 |
286,855,169.18 |
|
Land Building &
Equipment |
19,825,168.32 |
23,423,169.43 |
|
Other Assets |
35,035,046.83 |
22,581,277.78 |
|
Total Assets |
310,937,581.33 |
332,859,616.39 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
40,214,593.63 |
62,021,877.94 |
|
Trade Accounts Payable
|
93,289,709.19 |
111,756,234.24 |
|
Current Portion of
Long-term Loans |
1,375,200.00 |
1,375,200.00 |
|
Other Current Liabilities |
97,138,743.99 |
85,325,683.79 |
|
|
|
|
|
Total Current Liabilities |
232,018,246.81 |
260,478,995.97 |
|
Long-term Loan from Person or
Other |
2,259,803.40 |
3,418,110.04 |
|
Other Liabilities |
987,043.25 |
2,885,836.25 |
|
Total Liabilities |
235,265,093.46 |
266,782,942.26 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 170,000 shares |
17,000,000.00 |
17,000,000.00 |
|
|
|
|
|
Capital Paid |
17,000,000.00 |
17,000,000.00 |
|
Unappropriated |
58,672,487.87 |
49,076,674.13 |
|
Total Shareholders' Equity |
75,672,487.87 |
66,076,674.13 |
|
Total Liabilities &
Shareholders' Equity |
310,937,581.33 |
332,859,616.39 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales & Service
Income |
1,600,396,391.18 |
1,998,564,822.76 |
|
Other Income |
9,937,726.48 |
5,472,529.68 |
|
Total Sales |
1,610,334,117.66 |
2,004,037,352.44 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
1,434,701,831.97 |
1,832,049,954.76 |
|
Selling Expenses |
148,512,732.15 |
144,999,280.66 |
|
Administrative Expenses |
9,881,478.18 |
11,447,980.98 |
|
Total Expenses |
1,593,096,042.30 |
1,988,497,216.40 |
|
|
|
|
|
Profit/ [Loss] before Interest
Expenses & Income
Tax |
17,238,075.36 |
15,540,136.04 |
|
Financial Cost |
[2,557,533.78] |
[1,462,498.62] |
|
Loss on Before
Income Tax |
14,680,541.58 |
14,077,637.42 |
|
Income Tax |
[5,084,727.84] |
[4,832,031.50] |
|
|
|
|
|
Net Profit / [Loss] |
9,595,813.74 |
9,245,605.92 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.10 |
1.10 |
|
QUICK RATIO |
TIMES |
0.94 |
0.93 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
80.73 |
85.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.15 |
6.00 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
7.60 |
6.41 |
|
INVENTORY TURNOVER |
TIMES |
48.02 |
56.90 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.66 |
43.38 |
|
RECEIVABLES TURNOVER |
TIMES |
7.66 |
8.41 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
23.73 |
22.27 |
|
CASH CONVERSION CYCLE |
DAYS |
31.53 |
27.53 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.65 |
91.67 |
|
SELLING & ADMINISTRATION |
% |
9.90 |
7.83 |
|
INTEREST |
% |
0.16 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
10.97 |
8.61 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.08 |
0.78 |
|
NET PROFIT MARGIN |
% |
0.60 |
0.46 |
|
RETURN ON EQUITY |
% |
12.68 |
13.99 |
|
RETURN ON ASSET |
% |
3.09 |
2.78 |
|
EARNING PER SHARE |
BAHT |
56.45 |
54.39 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.80 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.11 |
4.04 |
|
TIME INTEREST EARNED |
TIMES |
6.74 |
10.63 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(19.92) |
|
|
OPERATING PROFIT |
% |
10.93 |
|
|
NET PROFIT |
% |
3.79 |
|
|
FIXED ASSETS |
% |
(15.36) |
|
|
TOTAL ASSETS |
% |
(6.59) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
10.97 |
Deteriorated |
Industrial
Average |
25.17 |
|
Net Profit Margin |
0.60 |
Impressive |
Industrial
Average |
(7.11) |
|
Return on Assets |
3.09 |
Impressive |
Industrial
Average |
0.03 |
|
Return on Equity |
12.68 |
Impressive |
Industrial
Average |
7.29 |
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 10.97%. When
compared with the industry average, the ratio of the company was lower.
This 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. Net Profit Margin ratio is 0.6%,
higher figure when 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
3.09%, 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 12.68%,
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 Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.10 |
Deteriorated |
Industrial
Average |
53.70 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
31.53 |
|
|
|
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 1.1 times in 2011, the same figure
as in 2010, 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 0.94 times in 2011,
increase from 0.93 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 32 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Impressive |
Industrial
Average |
0.97 |
|
Debt to Equity Ratio |
3.11 |
Risky |
Industrial
Average |
0.88 |
|
Times Interest Earned |
6.74 |
Deteriorated |
Industrial
Average |
394.73 |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 6.75 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.76 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
80.73 |
Deteriorated |
Industrial Average |
54,169.10 |
|
Total Assets Turnover |
5.15 |
Impressive |
Industrial Average |
3.88 |
|
Inventory Conversion Period |
7.60 |
|
|
|
|
Inventory Turnover |
48.02 |
Acceptable |
Industrial Average |
73.32 |
|
Receivables Conversion Period |
47.66 |
|
|
|
|
Receivables Turnover |
7.66 |
Deteriorated |
Industrial Average |
70.25 |
|
Payables Conversion Period |
23.73 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.17 |
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.