MIRA INFORM REPORT
|
Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
IMAGE
D’ASIE SOCIETE ANONYME |
|
|
|
|
Registered Office : |
193 Ladprao-Wanghin Road, Ladprao, Bangkok 10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.21.2010 |
|
|
|
|
Date of Incorporation : |
30.06.1998 |
|
|
|
|
Com. Reg. No.: |
0105541040140 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Tours
and Travel Service |
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 |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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
IMAGE D’ASIE
SOCIETE ANONYME
SUMMARY
BUSINESS
ADDRESS : 193
LADPRAO-WANGHIN ROAD,
LADPRAO, BANGKOK
10230, THAILAND
TELEPHONE : [66] 2530-2722-6
FAX :
[66] 2539-6477
E-MAIL
ADDRESS : info@imagedasie.com , imagedasie@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541040140
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. MINGKWAN METHMAOLEE,
THAI
MANAGING DIRECTOR & MARKETING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : TOURS
AND TRAVEL SERVICE
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
June 30, 1998
as a private
limited company under the name style IMAGE D’ASIE SOCIETE
ANONYME by Thai groups,
with the business
objective to be engaged in
tour and travel
business both in-bound and out-bound. It
currently employs approximate
20 staff.
The subject’s registered address was
initially located at 11/440 Moo 10,
Ladprao-Wanghin Rd., Ladprao,
Ladprao, Bangkok 10230.
In
2010, its registered
address was changed
from “11/440 Moo 10” to
“193” by the
Government district office, actually
both are the
same location. This
is also the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Ms. Mingkwan Methmaolee
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Mingkwan Methmaolee is
the Managing Director.
She is Thai
nationality with the
age of 45
years old.
Ms. Wisawarak Jitmana is
the Reservation Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
tour and travel
business, to provide
in-bound, out-bound travel
service, e.g. cultural
tour and leisure
operation service both
in Thailand and
overseas, such as
Myanmar, Laos, Cambodia,
Malaysia and countries
in South East Asia.
Range of services included:
·
Ground handling
for Thailand, Myanmar,
Cambodia and Laos
·
Fully organized
for tour operator
and travel agent
·
Specialization for
French and English
guide tour
·
Hotel reservation & airlines
ticket at competitive
rate & tours online service.
SALES
80% of clients
are European tourists,
and the remaining
20% are Asian
tourists.
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
Sales are by
cash or on
the credits term
of 30 days.
Local bills are
paid by cash
or on the
credit term of
30 days.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 20
staff comprising 5
office staff, 5 tour
leaders and 10
freelance guides.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 100,000.
COMMENT
Despite the
stiff competitive market,
the subject can
maintain its business
in good conditions.
Sales of air-ticketing
is likely to
grow well from
Thai consumers both
domestic and international.
The
subject is doing good
business and its
business trend is
moderate.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 500,000 divided into 50,000 shares of
Bht. 10 each with
fully paid.
The
capital was increased
later as follows:
Bht. 1,000,000
on September 16,
1998
Bht. 3,000,000
on January 23,
2003
Bht. 5,000,000
on January 30,
2008
The
latest registered capital
was increased to
Bht. 5,000,000 divided into
500,000 shares of
Bht. 10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Miangkwan Methamaolee Nationality: Thai Address : 193
Ladprao-Wanghin Rd., Ladprao, Bangkok |
249,750 |
49.95 |
|
Mr. Thirawat Ruengsuwan Nationality: Thai Address : 61/1 Moo
4, Jorakaebua, Ladprao,
Bangkok |
249,750 |
49.95 |
|
Mr. Pasit Methamaolee Nationality: Thai Address : 193
Ladprao-Wanghin Rd.,
Ladprao, Bangkok |
100 |
0.02 |
|
Mrs. Euang-aroon Methamaolee Nationality: Thai Address : 193
Ladprao-Wanghin Rd.,
Ladprao, Bangkok |
100 |
0.02 |
|
Mr. Poolsak Methamaolee Nationality: Thai Address : 33
Dindaeng Rd., Samsennai,
Dindaeng, Bangkok |
100 |
0.02 |
|
|
|
|
|
Mr. Charnchai Prapakunakorn Nationality: Thai Address : 924/1
Apibarnbanchorn Rd., Muang,
Nakornpanom |
100 |
0.02 |
|
Mr. Bandit Chaiwat Nationality: Thai Address : 1
Moo 2, Klongnakornnuengkhet, Muang, Chachoengsao |
100 |
0.02 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Vilasinee Viriyapisuth No.
8291
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
273,649.58 |
266,658.00 |
|
Short-term Investment |
200,000.00 |
200,000.00 |
|
Trade Accounts Receivable |
- |
2,392,528.70 |
|
Short-term Loan to
Related Person |
1,900,000.00 |
1,250,000.00 |
|
Other Current Assets
|
30,161.19 |
49,713.76 |
|
|
|
|
|
Total Current Assets
|
2,403,810.77 |
4,158,900.46 |
|
Fixed Assets |
491,333.09 |
521,517.67 |
|
Other Assets |
461,580.40 |
200,571.21 |
|
Total Assets |
3,356,724.26 |
4,880,989.34 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
- |
1,650,931.08 |
|
Trade Accounts &
Notes Payable |
84,790.00 |
- |
|
Other Current Liabilities |
97,804.23 |
213,432.81 |
|
|
|
|
|
Total Current Liabilities |
182,594.23 |
1,864,363.89 |
|
Total Liabilities |
182,594.23 |
1,864,363.89 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 500,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
[1,825,869.97] |
[1,983,374.55] |
|
Total Shareholders' Equity |
3,174,130.03 |
3,016,625.45 |
|
Total Liabilities & Shareholders' Equity |
3,356,724.26 |
4,880,989.34 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Service Income |
9,101,583.14 |
7,579,930.75 |
|
Other Income |
85,112.70 |
77,877.34 |
|
Total Sales |
9,186,695.84 |
7,657,808.09 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Service
|
7,687,901.97 |
6,783,283.74 |
|
Administrative Expenses |
1,225,436.87 |
791,889.38 |
|
Other Expenses |
7,979.95 |
30,067.88 |
|
Total Expenses |
8,921,318.79 |
7,605,241.00 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
265,377.05 |
52,567.09 |
|
Financial Cost |
[90,560.14] |
[162,156.68] |
|
Income Tax |
[17,312.33] |
- |
|
|
|
|
|
Net Profit / [Loss] |
157,504.58 |
[109,589.59] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
13.16 |
2.23 |
|
QUICK RATIO |
TIMES |
13.00 |
2.20 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
18.52 |
14.53 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.71 |
1.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
115.21 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
3.17 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
4.03 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
(4.03) |
115.21 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.47 |
89.49 |
|
SELLING & ADMINISTRATION |
% |
13.46 |
10.45 |
|
INTEREST |
% |
0.99 |
2.14 |
|
GROSS PROFIT MARGIN |
% |
16.47 |
11.54 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.92 |
0.69 |
|
NET PROFIT MARGIN |
% |
1.73 |
(1.45) |
|
RETURN ON EQUITY |
% |
4.96 |
(3.63) |
|
RETURN ON ASSET |
% |
4.69 |
(2.25) |
|
EARNING PER SHARE |
BAHT |
0.32 |
(0.22) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.05 |
0.38 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.06 |
0.62 |
|
TIME INTEREST EARNED |
TIMES |
2.93 |
0.32 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
20.07 |
|
|
OPERATING PROFIT |
% |
404.83 |
|
|
NET PROFIT |
% |
243.72 |
|
|
FIXED ASSETS |
% |
(5.79) |
|
|
TOTAL ASSETS |
% |
(31.23) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
16.47 |
Impressive |
Industrial
Average |
16.34 |
|
Net Profit Margin |
1.73 |
Impressive |
Industrial
Average |
(0.34) |
|
Return on Assets |
4.69 |
Impressive |
Industrial
Average |
(0.61) |
|
Return on Equity |
4.96 |
Impressive |
Industrial
Average |
(0.82) |
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 16.47%. 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 1.73%, 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
4.69%, 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 4.96%, 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 |
13.16 |
Impressive |
Industrial
Average |
1.64 |
|
Quick Ratio |
13.00 |
|
|
|
|
Cash Conversion Cycle |
(4.03) |
|
|
|
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 13.16 times in 2010, increase from 2.23 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 13 times in 2010,
increase from 2.2 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 -5 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.05 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.06 |
Impressive |
Industrial Average |
1.06 |
|
Times Interest Earned |
2.93 |
Impressive |
Industrial Average |
0.35 |
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 2.94 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 0.05 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 |
18.52 |
Impressive |
Industrial Average |
3.81 |
|
Total Assets Turnover |
2.71 |
Impressive |
Industrial Average |
1.97 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
50.59 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
3.16 |
|
Payables Conversion Period |
4.03 |
|
|
|
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.49.18 |
|
UK Pound |
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.63 |
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.