MIRA
INFORM REPORT
|
Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL
SPICE TRADING CO.,
LTD. |
|
|
|
|
Registered Office : |
1st Floor, Klao Siam Condominium, 560/6 Dindaeng Road, Dindaeng, Bangkok 10400 |
|
|
|
|
Country : |
Thailand |
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|
|
Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
03.03.2011 |
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Com. Reg. No.: |
0105554031241 |
|
|
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|
Legal Form : |
Private
Limited Company |
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|
|
|
Line of Business : |
importer and distributor of agriculture and spice products |
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|
|
|
No. of Employees : |
02 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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) |
|
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
INTERNATIONAL SPICE TRADING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1st FLOOR,
KLAO SIAM CONDOMINIUM,
560/6 DINDAENG
ROAD, DINDAENG,
BANGKOK 10400
TELEPHONE : [66] 2642-5020
FAX
:
[66] 2642-5020
E-MAIL
ADDRESS : spice-trading@hotmail.com
paprika_gnt@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0105554031241
TAX
ID NO. : 3034369891
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
61.00%
INDIAN
: 39.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JAYAKAR PARAMASIVAM,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : AGRICULTURE AND
SPICE PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established
on March 3,
2011 as a
private limited company under
the registered name
INTERNATIONAL SPICE TRADING
CO., LTD., by
Thai and Indian
groups, with the
business objective to
import and distribute
various kinds of
agriculture and spice
products to domestic
market. It currently
employs 2 staff.
The
subject’s registered address
is 1st Floor,
Klao Siam Condominium,
560/6 Dindaeng Rd.,
Dindaeng, Bangkok 10400,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Apasara Wongborisuth |
|
Thai |
45 |
|
Mr. Jayakar Paramasivam |
|
Indian |
66 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Jayakar Paramasivam is
the Managing Director.
He is Indian
nationality with the
age of 66
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing various
kinds of agricultural
products, such as red chilli,
turmeric, ginger, garlic,
onion and etc., as well
as spice products,
such as chilli
powder, turmeric powder,
ginger powder, black
pepper powder, cumin
powder, coriander powder,
curry leaf powder,
Chinese star anise
and etc.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
India and Republic
of China.
MAJOR
SUPPLIER
Paprika Oleo’s India
Pvt. Ltd. : India
SALES
100% of the
products is sold
locally to wholesalers,
food processing manufacturers, and
end-users.
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 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Import are by
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 2
staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in residential area.
COMMENT
Subject
was formed in
2011 as an importer and distributor of
agricultural and spice products. Subject
is in an
early stage. Its
sales in the first
year was reported
at low level.
Agricultural and spice products
remain in strong
demand by local
consumption. Its products
can harmonize the
needs of domestic consumers.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 100 shares of
Bht. 20,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE : [as
at February 24,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Apasara Wongborisuth Nationality: Thai Address : 66/3
Moo 5, Nongprue,
Banglamung,
Chonburi |
50 |
50.00 |
|
Mr. Jayakar Paramasivam Nationality: Indian Address : 560/219
Dindaeng Rd., Dindaeng,
Bangkok |
39 |
39.00 |
|
Ms. Sujira Yimchinda Nationality: Thai Address : 37/2
Moo 1, Tonmamuang,
Muang, Petchburi |
11 |
11.00 |
Total Shareholders : 3
Share Structure [as
at February 24,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
61 |
61.00 |
|
Foreign-Indian |
1 |
39 |
39.00 |
|
Total |
3 |
100 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Sumalee Dolsukwongsawat No.
6450
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 was :
ASSETS
|
Current Assets |
2011 |
|
|
|
|
Cash in Hand
|
79,879.20 |
|
Trade Accounts & Other Receivable |
4,000.00 |
|
Short-term Loan |
1,600,000.00 |
|
|
|
|
Total Current Assets
|
1,683,879.20 |
|
|
|
|
Fixed Assets |
41,469.31 |
|
Total Assets |
1,725,348.51 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
|
|
|
|
Trade Accounts & Other
Payable |
4,000.00 |
|
Other Current Liabilities |
5,332.00 |
|
|
|
|
Total Current Liabilities |
9,332.00 |
|
Total Liabilities |
9,332.00 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
|
|
|
|
Capital Paid |
2,000,000.00 |
|
Retained Earning - Unappropriated |
[283,983.49] |
|
Total Shareholders' Equity |
1,716,016.51 |
|
Total Liabilities & Shareholders' Equity |
1,725,348.51 |
PROFIT &
LOSS ACCOUNT
|
Sale |
March 3,
2011 – Dec. 31,
2011 |
|
|
|
|
Other Income |
4,000.00 |
|
Total Sales |
4,000.00 |
|
Expenses |
|
|
|
|
|
Administrative Expenses |
287,983.49 |
|
Total Expenses |
287,983.49 |
|
Net Profit / [Loss] |
[283,983.49] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
180.44 |
|
QUICK RATIO |
TIMES |
180.44 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
- |
|
SELLING & ADMINISTRATION |
% |
- |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
|
NET PROFIT MARGIN |
% |
- |
|
RETURN ON EQUITY |
% |
(16.55) |
|
RETURN ON ASSET |
% |
(16.46) |
|
EARNING PER SHARE |
BAHT |
(14.20) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
14.90 |
|
Net Profit Margin |
- |
|
Industrial
Average |
2.89 |
|
Return on Assets |
(16.46) |
Deteriorated |
Industrial
Average |
4.32 |
|
Return on Equity |
(16.55) |
Deteriorated |
Industrial
Average |
8.55 |
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 -16.46%.
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 -16.55%.
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 |
180.44 |
Impressive |
Industrial
Average |
1.89 |
|
Quick Ratio |
180.44 |
|
|
|
|
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 180.44 times in 2011, increased from 0 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 180.44 times in 2011,
increased from 0 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 Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial
Average |
0.45 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial
Average |
0.87 |
|
Times Interest Earned |
- |
|
Industrial
Average |
4.04 |
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 0.01 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 Stable
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
3.57 |
|
Total Assets Turnover |
- |
|
Industrial
Average |
1.49 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
5.28 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
3.49 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.81 |
|
UK Pound |
1 |
Rs.87.67 |
|
Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.