MIRA
INFORM REPORT
|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
T.N.H. IMPORT
AND EXPORT CO., LTD. |
|
|
|
|
Registered Office : |
44 Soi Thientalay
20 Yaek 7, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.05.1986 |
|
|
|
|
Com. Reg. No.: |
0105529017281 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer & Distributor of Textile Chemical |
|
|
|
|
No. of Employees : |
36 |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
T.N.H.
IMPORT AND EXPORT
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 44
SOI THIENTALAY 20
YAEK 7,
SAMAEDAM, BANGKHUNTHIEN,
TELEPHONE : [66]
2892-0920-9
FAX :
[66] 2892-0928,
2892-0597-8
E-MAIL
ADDRESS : vpc@vpc-group.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529017281 [Former
: 1727/2529]
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDERS PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRAPAT PIMPRAPOTE, THAI
MANAGING DIRECTOR
& FACTORY MANAGER
NO.
OF STAFF : 36
LINES
OF BUSINESS : TEXTILE CHEMICAL
MANUFACTURER, IMPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on May
23, 1986 as
a private limited
company by Mr.
Prapat Pimprapote and
the Thai partners
under the original name Tai Nguan
Huad Corporation Co., Ltd., in order
to manufacture, import
and distribute textile
chemical to domestic
market.
On May 21,
1992 subjects name
was changed to
T.N.H. IMPORT AND EXPORT CO.,
LTD. Subject currently
employs 36 staff.
It achieved the
ISO 9000 certificate
by TIS on
November 10, 2000.
The subjects registered
address was initially
located at 864/18-19
Soi Pradoo 1, New
Rd., Bangklo, Yanawa,
Bangkok 10120. The
subject is a member of
VPC group of
companies, which engaged
in manufacturing, importing,
exporting and distributing various
types of industrial
chemicals.
On December 25, 1992 the
subject was relocated
to 14/47 Moo 9, Rama 2 Rd.,
Bangmod, Jomthong, Bangkok 10150,
and to 14/14 Moo1,
Soi Julapong, Bangkhunthien-Chaitalay Rd.,
Samaedam, Bangkhunthien, Bangkok
10150 on September
23, 2003.
On January 19,
2011, its registered
address was changed
to 44 Soi
Thientalay 20, Yaek
7, Bangkhunthien-Chaitalay Rd.,
Samaedam, Bangkkhunthien, Bangkok
10150, and this is
the companys current
operating address
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prapat Pimprapote |
[x] |
Thai |
60 |
|
Mr. Sumitr Damrongratt |
|
Thai |
53 |
|
Mr. Suchart Chavalittara |
[x] |
Thai |
59 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with companys
affixed.
MANAGEMENT
Mr. Prapat Pimprapote
is the Managing
Director & Factory
Manager.
He is Thai
nationality with the
age of 60
years old. He
has been the
Managing Director since the companys
commencement of its
operation since 1986. He
is also found
a directorship and
shareholder in Sathornchem
Co., Ltd. and
VPC Chemical Co.,
Ltd.
Mr. Somchai Vinyuviriyawong is
the Sales Manager.
He is Thai nationality.
Mr. Suchart Chavalittara is
the General Manager.
He is Thai
nationality with the
age of 59
years old.
He has been
in this position
since 1992.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, importing
and distributing of
textile chemicals, pigment and
dyestuff, specialize in
textile printing industry.
PURCHASE
The subjects finished base
chemical and raw
chemicals for the
production are purchased
from suppliers and
manufacturers both domestic
and overseas comprising
60% from Japan, Republic of China,
Hong Kong, Italy,
Spain, Singapore, Taiwan and
Germany and 40%
from local.
MAJOR SUPPLIERS
- Vianova Resins GmbH :
Germany
- CHT R. Beitlich
GmbH :
Germany
- Hansa Textilechemie GmbH
: Germany
SALES [LOCAL]
100% of its
products is sold
locally to wholesalers,
manufacturers and end-users.
MAJOR CUSTOMERS
Thai Innovation Chemical
Co., Ltd. : Thailand
RELATED AND
AFFILIATED COMPANIES
It is found
the subject has
3 affiliated companies
as follows:
Sathorn Chem Co., Ltd.
Country : Thailand
Business Type :
Importer & exporter
of industrial chemical
Thai Innovation Chemical
Co., Ltd.
Country : Thailand
Business Type :
Distributor of industrial
chemical
VPC Chemical Co.,
Ltd.
Country : Thailand
Business Type :
Importer of industrial
chemical
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 credit of
30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C or T/T.
BANKING
Krung Thai Bank
Public Co., Ltd.
[Head Office : 35
Sukhumvit Rd., Klongtoeynua,
Wattana, Bangkok 10110]
[Rajawong Branch : 80-82 Anuwong
Rd., Samphantawong, Bangkok
10100]
Bank of Ayudhya
Public Co., Ltd.
[Head Office :
1222 Rama 3
Rd., Bangpongpang, Yannawa,
Bangkok 10120]
[Rajawong Branch : 299
Rajawong Rd., Samphantawong, Bangkok
10100]
EMPLOYMENT
The subject employs
36 office staff
and workers.
LOCATION DETAILS
The premise is owned for administrative office at the heading address.
Premise is located
in an industrial
area.
The factory and
warehouse are sharing the
same premise house
with an administrative office.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 300,000.
COMMENT
The
subject was formed in 1986 as a
manufacturer, importer and
distributor of industrial chemicals.
Subject reported slow
sales and services
in 2010 due
to slow expansion of
domestic industries.
However,
since the industrial
improvement in the
beginning of 2011,
subjects business has
improved gradually.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into
2,000 shares of
Bht. 1,000 each.
The capital was
increased later as
followed :
Bht. 6,000,000
on November 4,
1996
Bht. 20,000,000 on December 23,
2002
The latest registered
capital was increased
to Bht. 20,000,000 divided
into 20,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 29,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Prapat Pimprapote Nationality: Thai Address : 62
Charoennakorn 58 Rd.,
Bukkalo, Bangkok 10600 |
19,400 |
97.00 |
|
Mr. Pornsawas Pimprapote Nationality: Thai Address : 31-33-35
Charoennakorn 30/1 Rd., Klongsan, Bangkok |
200 |
1.00 |
|
Ms. Kullada Pimprapote Nationality: Thai Address : 96/67
Moo 4, Rama
2 Rd., Bangkhunthien, Bangkok |
200 |
1.00 |
|
Ms. Achana Srimote Nationality: Thai Address : 157
Moo 2, Bangpai,
Muang, Nonthaburi |
50 |
0.25 |
|
Ms. Sri-ubol Pechrungsritrakul Nationality: Thai Address : 60/52
Moo 5, Phaholyothin Rd., Jorakaebua, Ladprao, Bnagkok |
50 |
0.25 |
|
Ms. Sirada Pimprapote Nationality: Thai Address : 1322
Charoennakorn Rd., Klongsan,
Bangkok |
50 |
0.25 |
|
Mr. Tanachai Wongcharoen Nationality: Thai Address : 55
Moo 7, Muangluang,
Huaythabthim, Srisakate |
50 |
0.25 |
Total Shareholders : 7
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Ratana Pongputhipoon
No. 3250
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash
Equivalents |
370,726.37 |
114,832.68 |
|
Short-term Investment |
105,180.33 |
104,657.04 |
|
Trade Accts. Receivable |
12,243,456.81 |
14,040,061.18 |
|
Inventories |
11,855,814.80 |
10,465,550.16 |
|
Other Current Assets
|
5,015,566.58 |
3,660,718.13 |
|
|
|
|
|
Total Current Assets
|
29,590,744.89 |
28,385,819.19 |
|
Fixed Assets |
7,323,337.23 |
5,855,427.71 |
|
Other Assets - Deposit and Guarantee |
152,500.00 |
304,500.00 |
|
Total Assets |
37,066,582.12 |
34,545,746.90 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
10,293,343.69 |
7,210,944.34 |
|
Trade Accts. Payable |
49,483.75 |
59,174.83 |
|
Other Current Liabilities |
480,453.23 |
566,597.04 |
|
|
|
|
|
Total Current Liabilities |
10,823,280.67 |
7,836,716.21 |
|
Hire-purchase Payable |
113,250.09 |
264,250.05 |
|
Total Liabilities |
10,936,530.76 |
8,100,966.26 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 20,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning - Unappropriated |
6,130,051.36 |
6,444,780.64 |
|
Total Shareholders' Equity |
26,130,051.36 |
26,444,780.64 |
|
Total Liabilities & Shareholders' Equity |
37,066,582.12 |
34,545,746.90 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
34,926,513.00 |
44,445,117.50 |
|
Gain on Exchange
Rate |
324,419.35 |
167,019.95 |
|
Other Income |
581.38 |
52,680.38 |
|
Total Revenues |
35,251,513.73 |
44,664,817.83 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
27,149,633.17 |
35,362,515.98 |
|
Selling Expenses |
1,586,314.49 |
1,514,453.33 |
|
Administrative Expenses |
6,302,774.47 |
6,288,784.09 |
|
Total Expenses |
35,038,722.13 |
43,165,753.40 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
212,791.60 |
1,499,064.43 |
|
Interest Expenses |
[320,653.88] |
[624,618.31] |
|
Profit / [Loss] before Income
Tax |
[107,862.28] |
874,446.12 |
|
Income Tax |
[206,867.00] |
[261,404.00] |
|
|
|
|
|
Net Profit / [Loss] |
[314,729.28] |
613,042.12 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.73 |
3.62 |
|
QUICK RATIO |
TIMES |
1.18 |
1.82 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.77 |
7.59 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.94 |
1.29 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
159.39 |
108.02 |
|
INVENTORY TURNOVER |
TIMES |
2.29 |
3.38 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
127.95 |
115.30 |
|
RECEIVABLES TURNOVER |
TIMES |
2.85 |
3.17 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.67 |
0.61 |
|
CASH CONVERSION CYCLE |
DAYS |
286.67 |
222.71 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
77.73 |
79.56 |
|
SELLING & ADMINISTRATION |
% |
22.59 |
17.56 |
|
INTEREST |
% |
0.92 |
1.41 |
|
GROSS PROFIT MARGIN |
% |
23.20 |
20.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.61 |
3.37 |
|
NET PROFIT MARGIN |
% |
(0.90) |
1.38 |
|
RETURN ON EQUITY |
% |
(1.20) |
2.32 |
|
RETURN ON ASSET |
% |
(0.85) |
1.77 |
|
EARNING PER SHARE |
BAHT |
(15.74) |
30.65 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.30 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.42 |
0.31 |
|
TIME INTEREST EARNED |
TIMES |
0.66 |
2.40 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(21.42) |
|
|
OPERATING PROFIT |
% |
(85.81) |
|
|
NET PROFIT |
% |
(151.34) |
|
|
FIXED ASSETS |
% |
25.07 |
|
|
TOTAL ASSETS |
% |
7.30 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.20 |
Impressive |
Industrial Average |
11.76 |
|
Net Profit Margin |
(0.90) |
Deteriorated |
Industrial Average |
1.93 |
|
Return on Assets |
(0.85) |
Deteriorated |
Industrial Average |
4.69 |
|
Return on Equity |
(1.20) |
Deteriorated |
Industrial Average |
13.38 |
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. The companys
figure is 23.2%. 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 -0.9%.
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, it was lower, the company's figure is -0.85%.
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 -1.2%.
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 |
2.73 |
Impressive |
Industrial Average |
1.47 |
|
Quick Ratio |
1.18 |
|
|
|
|
Cash Conversion Cycle |
286.67 |
|
|
|
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 2.73 times in 2010, decreased from 3.62 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 1.18 times in 2010,
decreased from 1.82 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 287 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.42 |
Impressive |
Industrial Average |
1.70 |
|
Times Interest Earned |
0.66 |
Risky |
Industrial Average |
3.51 |
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 0.67 lower than 1, so the company is not generating
enough cash from 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 0.3 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 |
4.77 |
Deteriorated |
Industrial Average |
10.60 |
|
Total Assets Turnover |
0.94 |
Deteriorated |
Industrial Average |
2.43 |
|
Inventory Conversion Period |
159.39 |
|
|
|
|
Inventory Turnover |
2.29 |
Deteriorated |
Industrial Average |
7.33 |
|
Receivables Conversion Period |
127.95 |
|
|
|
|
Receivables Turnover |
2.85 |
Acceptable |
Industrial Average |
4.40 |
|
Payables Conversion Period |
0.67 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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 SCs 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.