MIRA
INFORM REPORT
|
Report Date : |
21.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
CEVA
LOGISTICS [THAILAND] LTD. |
|
|
|
|
Formerly Known As : |
TNT LOGISTICS [THAILAND] LTD. |
|
|
|
|
Registered Office : |
10th Floor, Electrolux Building, 1910 New Petchburi Road, Bangkapi, Huaykwang, Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
06.09.1995 |
|
|
|
|
Com. Reg. No.: |
0105538105741 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Logistics Service |
|
|
|
|
No. of Employees : |
2,900 employees |
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 : |
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) |
|
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
CEVA LOGISTICS [THAILAND] LTD.
[FORMER :
TNT LOGISTICS [THAILAND]
LTD.]
SUMMARY
BUSINESS
ADDRESS : 10th FLOOR,
ELECTROLUX BUILDING,
1910
NEW
PETCHBURI ROAD, BANGKAPI,
HUAYKWANG,
BANGKOK 10310
TELEPHONE : [66] 2714-5086,
2714-5094, 2714-5000
FAX :
[66] 2714-5095,
2714-5008
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538105741
TAX
ID NO. : 3011624050
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDER’S PROPORTION : THAI : 51.00%
SINGAPOREAN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. EVASIO BARBERO,
AUSTRALIAN
GENERAL MANAGER
NO.
OF STAFF : 2,900
LINES
OF BUSINESS : LOGISTICS SERVICE
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 September 6,
1995 as a
private limited company under
the originally registered
name “TNT Logistics
[Thailand] Ltd.” by Thai
and foreign groups,
with the business
objective to provide
complete range of
logistic service.
On
December 27, 2006,
its registered name
was changed to
CEVA LOGISTICS [THAILAND]
LTD., as a
result of a
merger of TNT
Logistics and EGL
Eagle Global Logistics,
in U.S.A.
At
present, the subject
is a joint
venture between Ceva
Freight [Thailand] Ltd.
and Ceva Logistics
Asia Pte. Ltd.,
Singapore, with holding
around 51% and
49% of the
subject’s total shares
respectively. It currently
employs approximate 2,900
staff.
The
subject is also
a member of
Ceva Logistics group
worldwide, which is one of the world’s leading
logistics companies, providing
end-to-end design, implementation and operational capabilities
in freight forwarding,
contract logistics, transportation management and
distribution management, with
employment more
than 51,000 people
and run a
global network with
facilities in more
than 170 countries.
The
subject’s registered address
is 10th Floor,
Electrolux Building, 1910
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok
10310, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Juliana Gim Poh
Pheng |
[x] |
Singaporean |
42 |
|
Mr. Taizo Harada |
[x] |
Japanese |
58 |
|
Mr. Evasio Barbero |
[x] |
Australian |
49 |
|
Mr. Amrung Joongsiriwat |
|
Thai |
60 |
|
Mr. Thanis Asawahema |
|
Thai |
43 |
|
Ms. Kwanruan Kammong |
|
Thai |
38 |
|
Mr. Rungtham Tangseraneekul |
|
Thai |
39 |
AUTHORIZED PERSON
Any of the
mentioned directors [x] can
jointly sign with
anyone of the
rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Evasio Barbero is
the General Manager.
He is Australian nationality
with the age
of 49 years
old.
Mr. Thanes Nueangchamnong is
the G.M. [Operation].
He is Thai
nationality.
Mr. Russel Peng is
the Business Development
Director.
He is Singaporean
nationality.
Mr. Pongsiri Sirithon is
the Business Development
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
providing complete range
of logistics services
including strategy design
and optimization of
the supply chain,
inbounds logistics, manufacturing
support, outbound logistics,
aftermarket logistics, LLP [Lead
Logistics Provider] solutions,
and specialized services.
Subject currently
has 509 trailers
and 36 warehouses
available for service.
The total area of
warehouse and car
park is 695,000
square meters.
Its services
are for customers
in various industries
such as automotive
and tires, technology,
consumer and retail,
industrial, publishing, energy,
aerospace, and healthcare business.
Subject currently has
over 58 contracted
customers nationwide.
PURCHASE
100%
of purchasing is
from local suppliers.
MAJOR
CUSTOMERS
Thai
Steel Cable Public
Company Limited
Tripetch
Isuzu Sales Co.,
Ltd.
Siam
Michelin Co., Ltd.
Gyproc
[Thailand] Co., Ltd.
Thai
Summit Autoparts Industry
Co., Ltd.
General
Motors [Thailand] Co.,
Ltd.
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
Services 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.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately
2,900 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Branches:
- 335/3
Moo 9, Bangchalong, Bangplee, Samutprakarn 10540.
- 159
Suksawad Rd., Kwang
Rajburana, Khet Rajburana, Bangkok
10140.
- 37/1
Arj-narong Rd., Kwang
Klongtoey, Khet Klongtoey, Bangkok
10110.
- 39/3
Arj-narong Rd., Kwang
Klongtoey, Khet Klongtoey, Bangkok
10110.
- 7/1
Arj-narong Rd., Kwang
Klongtoey, Khet Klongtoey, Bangkok
10110.
- 222/2
Moo 2, Kwang
Thungkru, Khet Thungkru, Bangkok
10130.
COMMENT
CEVA logistics is a
leading global logistics
company. It designs,
implements and operates
complex supply chain
solutions on a national, regional or
global scale for
medium to large
enterprises. The changing
of the brand
from TNT to CEVA
allows the company
division to a stand-alone
logistics company with its
eyes fixed firmly
on both its own future and that
of its clients.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 20,000,000
on July 23,
1996
Bht. 30,000,000
on July 7,
1997
The
latest registered capital
was increased to
Bht. 30,000,000 divided
into 300,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ceva Freight [Thailand]
Ltd. Nationality: Thai Address : Electrolux
Building, 1910 New
Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok |
153,001 |
51.00 |
|
Ceva Logistics Asia
Pte. Ltd. Nationality: Singaporean Address : 80
Marine Parade Road,
50-01 Parkway
Parade, Singapore 449269 |
146,998 |
49.00 |
|
Ms. Chulaluck Wachirapinyopong Nationality: Thai Address : 78
Somdejchaopraya 11 Rd., Kwang Klongsan, Khet Klongsan,
Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
153,002 |
51.00 |
|
Foreign - Singaporean |
1 |
146,998 |
49.00 |
|
Total |
3 |
300,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Charnchai Chaiprasit No.
3760
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
4,862,439 |
5,883,122 |
|
Trade Accounts Receivable
|
301,342,169 |
266,518,136 |
|
Related Company Receivable |
76,563,821 |
53,041,160 |
|
Deferred Income |
90,517,872 |
95,291,653 |
|
Inventories |
59,101,577 |
16,122,847 |
|
Prepayment Expenses |
5,684,205 |
7,086,021 |
|
Other Current Assets
|
19,601,711 |
36,212,811 |
|
|
|
|
|
Total Current Assets
|
557,673,794 |
480,155,750 |
|
Investment in Subsidiaries |
72,691,653 |
72,691,653 |
|
Fixed Assets |
97,905,204 |
111,063,084 |
|
Intangible Assets |
4,937,722 |
8,343,910 |
|
Deferred Expenses |
240,805 |
1,002,459 |
|
Other Assets |
18,334,882 |
9,196,824 |
|
Total Assets |
751,784,060 |
682,453,680 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
222,497,444 |
271,475,473 |
|
Related Company Payable |
147,571,009 |
62,325,298 |
|
Accrued Income Tax |
- |
11,393,291 |
|
Accrued Expenses |
215,136,879 |
110,334,195 |
|
Current Portion of Financial
Lease Contract Liabilities |
4,030,068 |
- |
|
Current Portion of Employee
Compensation from Termination of
Employment |
11,316,264 |
11,458,581 |
|
Other Current Liabilities |
9,032,866 |
14,905,462 |
|
|
|
|
|
Total Current Liabilities |
609,584,530 |
481,892,300 |
|
Financial Lease Contract
Liabilities, Net |
18,473,675 |
- |
|
Employee Compensation from Termination of Employment, Net |
17,797,943 |
5,324,427 |
|
Other Liabilities |
- |
2,500,000 |
|
Total Liabilities |
645,856,148 |
489,716,727 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 300,000 shares |
30,000,000 |
30,000,000 |
|
|
|
|
|
Capital Paid |
30,000,000 |
30,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
3,000,000 |
- |
|
Unappropriated |
72,927,912 |
162,736,953 |
|
Total Shareholders' Equity |
105,927,912 |
192,736,953 |
|
Total Liabilities & Shareholders' Equity |
751,784,060 |
682,453,680 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Services Income |
2,597,061,949 |
2,578,407,585 |
|
Gain on Exchange
Rate |
833,836 |
21,298,173 |
|
Other Income |
37,849,033 |
53,696,823 |
|
Total Revenues |
2,635,744,818 |
2,653,402,581 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services
|
2,291,897,164 |
2,200,616,763 |
|
Services Expenses |
30,336,588 |
27,513,118 |
|
Administrative Expenses |
162,554,012 |
149,020,206 |
|
Total Expenses |
2,484,787,764 |
2,377,150,087 |
|
|
|
|
|
Profit / Loss] before Financial
Costs & Income Tax |
150,957,054 |
276,252,494 |
|
Financial Costs |
[436,516] |
[3,711,121] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
150,520,538 |
272,541,373 |
|
Income Tax |
[52,229,579] |
[75,451,737] |
|
Net Profit / [Loss] |
98,290,959 |
197,089,363 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.91 |
1.00 |
|
QUICK RATIO |
TIMES |
0.78 |
0.87 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
26.53 |
23.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.45 |
3.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
9.41 |
2.67 |
|
INVENTORY TURNOVER |
TIMES |
38.78 |
136.49 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
42.35 |
37.73 |
|
RECEIVABLES TURNOVER |
TIMES |
8.62 |
9.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
35.43 |
45.03 |
|
CASH CONVERSION CYCLE |
DAYS |
16.33 |
(4.63) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.25 |
85.35 |
|
SELLING & ADMINISTRATION |
% |
6.26 |
5.78 |
|
INTEREST |
% |
0.02 |
0.14 |
|
GROSS PROFIT MARGIN |
% |
13.24 |
17.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.81 |
10.71 |
|
NET PROFIT MARGIN |
% |
3.78 |
7.64 |
|
RETURN ON EQUITY |
% |
92.79 |
102.26 |
|
RETURN ON ASSET |
% |
13.07 |
28.88 |
|
EARNING PER SHARE |
BAHT |
327.64 |
656.96 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.86 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.10 |
2.54 |
|
TIME INTEREST EARNED |
TIMES |
345.82 |
74.44 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
0.72 |
|
|
OPERATING PROFIT |
% |
(45.36) |
|
|
NET PROFIT |
% |
(50.13) |
|
|
FIXED ASSETS |
% |
(11.85) |
|
|
TOTAL ASSETS |
% |
10.16 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.24 |
Acceptable |
Industrial Average |
24.20 |
|
Net Profit Margin |
3.78 |
Deteriorated |
Industrial Average |
7.82 |
|
Return on Assets |
13.07 |
Impressive |
Industrial Average |
3.55 |
|
Return on Equity |
92.79 |
Impressive |
Industrial Average |
7.45 |
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 13.24%. 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. The company's figure is 3.78%.
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. Return on Assets ratio is
13.07%, 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 92.79%, 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 |
0.91 |
Risky |
Industrial Average |
0.99 |
|
Quick Ratio |
0.78 |
|
|
|
|
Cash Conversion Cycle |
16.33 |
|
|
|
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 0.91 times in 2011, decreased from 1 time, then the company may have
problems meeting its short-term obligations. 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 0.78 times in 2011,
decreased from 0.87 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 17 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.86 |
Acceptable |
Industrial Average |
0.45 |
|
Debt to Equity Ratio |
6.10 |
Risky |
Industrial Average |
0.71 |
|
Times Interest Earned |
345.82 |
Impressive |
Industrial Average |
2.26 |
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 345.83 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 0.86 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
26.53 |
Impressive |
Industrial Average |
0.59 |
|
Total Assets Turnover |
3.45 |
Impressive |
Industrial Average |
0.47 |
|
Inventory Conversion Period |
9.41 |
|
|
|
|
Inventory Turnover |
38.78 |
Impressive |
Industrial Average |
6.41 |
|
Receivables Conversion Period |
42.35 |
|
|
|
|
Receivables Turnover |
8.62 |
Impressive |
Industrial Average |
4.87 |
|
Payables Conversion Period |
35.43 |
|
|
|
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.55.70 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.85 |
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.