MIRA
INFORM REPORT
|
Report Date : |
04.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL EXIM CO., LTD. |
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Registered Office : |
8/61 Moo 8,
Mooban Phiboon, Charansanitwong Road,
Bangprom, Talingchan, Bangkok
10170 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
03.02.2009 |
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Com. Reg. No.: |
0105552011359 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Food Products |
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No. of Employees : |
04 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
GLOBAL EXIM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 8/61
MOO 8, MOOBAN
PHIBOON,
CHARANSANITWONG ROAD,
BANGPROM, TALINGCHAN,
BANGKOK
10170, THAILAND
TELEPHONE : [66] 2864-9112
FAX :
[66] 2864-9112
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0105552011359
TAX
ID NO. : 3033356663
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 100 %
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRATEEP MATTA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : FOOD
PRODUCTS
IMPORTER AND
DISTRIBUTOR
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
February 3, 2009
as a private
limited company under
the registered name
GLOBAL EXIM CO.,
LTD. by Thai groups,
with the business
objective to import
and distribute wide
range of food
products to domestic
market. It currently
employs 4 staff.
The
subject’s registered address
is 8/61 Moo
8, Mooban Phiboon,
Charansanitwong Rd., Bangprom,
Talingchan, Bangkok 10170,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
Mr. Prateep Matta
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Prateep Matta is
the Managing Director.
He is Thai
nationality with the
age of 28
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
food products, such
as canned foods,
canned fruit juices,
sauce/seasoning products, snack
foods, chocolates, dried
foods and etc.
PURCHASE
80%
of the products
is imported from
India, Republic of
China, Malaysia and
Hong
Kong, the remaining
20% is purchased
from local supplier.
SALES
100% of the
products is sold
locally by wholesale
to traders, mainly
in supermarket and
convenience store.
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.
Imports are by
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
4 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in residential area.
COMMENT
Subject
is an importer and distributor of food
products. Since commencement
the subject has slowed
business. Subject distributes general
food products which
are not premium
grade. Its current business is
still and growth
is at slow
pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Prateep Matta Nationality: Thai Address : 8/61
Moo 8, Charansanitwong Rd.,
Bangprom, Talingchan, Bangkok |
15,000 |
75.00 |
|
Mrs. Suda Matta Nationality: Thai Address : 8/61
Moo 8, Charansanitwong Rd.,
Bangprom, Talingchan, Bangkok |
3,000 |
15.00 |
|
Mrs. Manikar Setthisuwan Nationality: Thai Address : 54/8
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
2,000 |
10.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pasawee Suenithipaisal No. 6954
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand |
502,178.49 |
1,291,136.06 |
|
Trade Accounts & Other Receivable |
1,193,016.43 |
179,669.20 |
|
Other Current Assets
|
46,835.02 |
56,755.30 |
|
|
|
|
|
Total Current Assets
|
1,742,029.94 |
1,527,560.56 |
|
|
|
|
|
Fixed Assets |
46,405.50 |
59,263.44 |
|
Total Assets |
1,788,435.44 |
1,586,824.00 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan |
150,000.00 |
- |
|
Accrued Expenses |
8,058.15 |
8,983.48 |
|
|
|
|
|
Total Current Liabilities |
158,058.15 |
8,983.48 |
|
Total Liabilities |
158,058.15 |
8,983.48 |
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Shareholders' Equity |
|
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|
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated |
[369,622.71] |
422,159.48 |
|
Total Shareholders' Equity |
1,630,377.29 |
1,577,840.52 |
|
Total Liabilities & Shareholders' Equity |
1,788,435.44 |
1,586,824.00 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
1,841,606.76 |
1,464,974.96 |
|
Other Income |
14,825.31 |
15,437.30 |
|
Total Revenues |
1,856,432.07 |
1,480,412.26 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
1,729,971.43 |
1,202,376.31 |
|
Selling Expenses |
39,304.05 |
261,955.49 |
|
Administrative Expenses |
34,619.81 |
74,587.97 |
|
Total Expenses |
1,803,895.29 |
1,538,919.77 |
|
Net Profit / [Loss] |
52,536.77 |
[58,507.51] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
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|
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LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
11.02 |
170.04 |
|
QUICK RATIO |
TIMES |
10.73 |
163.72 |
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
39.69 |
24.72 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
0.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
236.45 |
44.76 |
|
RECEIVABLES TURNOVER |
TIMES |
1.54 |
8.15 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
236.45 |
44.76 |
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.94 |
82.07 |
|
SELLING & ADMINISTRATION |
% |
4.01 |
22.97 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
6.87 |
18.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.85 |
(3.99) |
|
NET PROFIT MARGIN |
% |
2.85 |
(3.99) |
|
RETURN ON EQUITY |
% |
3.22 |
(3.71) |
|
RETURN ON ASSET |
% |
2.94 |
(3.69) |
|
EARNING PER SHARE |
BAHT |
2.63 |
(2.93) |
|
|
|
|
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.09 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.10 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
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ANNUAL GROWTH |
|
|
|
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SALES GROWTH |
% |
25.71 |
|
|
OPERATING PROFIT |
% |
(189.79) |
|
|
NET PROFIT |
% |
189.79 |
|
|
FIXED ASSETS |
% |
(21.70) |
|
|
TOTAL ASSETS |
% |
12.71 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.87 |
Satisfactory |
Industrial
Average |
7.91 |
|
Net Profit Margin |
2.85 |
Impressive |
Industrial
Average |
0.91 |
|
Return on Assets |
2.94 |
Acceptable |
Industrial
Average |
4.02 |
|
Return on Equity |
3.22 |
Deteriorated |
Industrial
Average |
12.10 |
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 company's figure is 6.87%. When compared with
the industry average, the ratio of the company was lower, 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. The company's figure is 2.85%,
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. When compared with the industry
average, it was lower, the company's figure is 2.94%.
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 3.22%.
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 |
11.02 |
Impressive |
Industrial Average |
1.42 |
|
Quick Ratio |
10.73 |
|
|
|
|
Cash Conversion Cycle |
236.45 |
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|
|
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 11.02 times in 2011, decreased from 170.04 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 10.73 times in 2011,
decreased from 163.72 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 237 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.09 |
Impressive |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
0.10 |
Impressive |
Industrial
Average |
1.76 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.38 |
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 0.09 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 |
39.69 |
Impressive |
Industrial Average |
16.27 |
|
Total Assets Turnover |
1.03 |
Deteriorated |
Industrial
Average |
4.50 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
12.02 |
|
Receivables Conversion Period |
236.45 |
|
|
|
|
Receivables Turnover |
1.54 |
Deteriorated |
Industrial
Average |
6.99 |
|
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.08 |
|
UK Pound |
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
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.