MIRA INFORM REPORT
|
Report Date : |
23.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASIA
INTERTRADE RICE EXPORT
CO., LTD. |
|
|
|
|
Registered Office : |
72/ 859
Moo 6, T. Kukot,
A. Lamlukka, Pathumthani 12130 |
|
|
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Country : |
Thailand |
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|
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|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.06.2007 |
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Com. Reg. No.: |
0135550033851 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Exporter of rice and agricultural products |
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|
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No. of Employees : |
12 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
ASIA INTERTRADE RICE EXPORT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 72/859 MOO
6, T. KUKOT, A. LAMLUKKA,
PATHUMTHANI 12130,
THAILAND
TELEPHONE : [66] 2987-7886
FAX :
[66] 2987-7885
E-MAIL
ADDRESS : rice@airexport.co.th
raam@truemail.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0135550033851
TAX
ID NO. : 3032687829
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PANACHAI YAEMKOSUM,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : RICE
AND AGRICULTURAL PRODUCTS
EXPORTER
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
June 27, 2007
as a private
limited company under the
registered name ASIA
INTERTRADE RICE EXPORT
CO., LTD., by
Thai groups, with the business
objective to export
various kinds of
rice and agricultural
products. It currently
employs 12 staff.
The
subject’s registered address
is 72/859 Moo
6, T. Kukot, A. Lamlukka,
Pathumthani 12130, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
Mr. Panachai Yaemkosum
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Panachai Yaemkosum is the
Managing Director.
He is Thai
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject
is engaged in
exporting various kinds
of rice products,
such as jasmine
rice, white rice,
brown rice, broken
rice, glutinous rice,
and parboiled rice,
as well as
agricultural products, including
sugar, canned foods,
seasoning, spice and
etc., under its
own brand “FRIENDSHIP”. The
export capacity is
around 80,000 metric
tons per annum.
Production and
packaging operation have
been supported by
local manufacturing contractors.
PURCHASE
100%
of the products is
purchased from local
suppliers and manufacturers.
EXPORT
100% of the
products is exported
to Republic of
China, India, Malaysia,
Indonesia and the
countries in Africa
and Europe.
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The subject currently
employs 12 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in provincial, on the
outskirts of Bangkok.
COMMENT
The
subject was formed in
2007 as an
exporter of rice
and agricultural products. Despite
economy sluggish in European countries, consumption
of rice and
agricultural products such
as sugar and
spice remains strong.
Sales had gradually
grown in the previous
years, and its current
business outlook is
bright.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each with
fully paid.
On
May 4, 2011,
the registered capital
was increased to
Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Panachai Yaemkosum Nationality: Thai Address : 72/859
Moo 6, T. Kukot,
A. Lamlukka, Pathumthani
|
49,994 |
99.99 |
|
Mrs. Sumaree Pikrohpiew Nationality: Thai Address : 141
Moo 4, T. Jangharn, A. Jangharn, Roi-ed |
1 |
|
|
Mrs. Phongsri Daengkhantee Nationality: Thai Address : 14
Moo 4, T. Jangharn, A. Jangharn, Roi-ed |
1 |
|
|
Mr. Teepakorn Daengkhantee Nationality: Thai Address : 72/859
Moo 6, T. Kukot,
A. Lamlukka, Pathumthani
|
1 |
= 0.01 |
|
Ms. Rat Kulkij Nationality: Thai Address : 269
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok |
1 |
|
|
Mr. Chaiya Nontaprom Nationality: Thai Address : 230/4516
Moo 2, Thungsonghong, Laksi, Bangkok
|
1 |
|
|
Mrs. Busarin Nontaprom Nationality: Thai Address : 230/4516
Moo 2, Thungsonghong, Laksi, Bangkok
|
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Chantima Katesiri No.
7563
Note:
The 2011 financial
statement was not
available during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
4,128,362.36 |
2,530,477.41 |
|
Trade Accounts Receivable
|
3,605,775.51 |
- |
|
Other Current Assets
|
1,391,720.55 |
412,475.04 |
|
|
|
|
|
Total Current Assets
|
9,125,858.42 |
2,942,952.45 |
|
|
|
|
|
Long-term Loan to Related Person |
2,350,000.00 |
600,000.00 |
|
Fixed Assets |
931,524.48 |
301,778.31 |
|
Total Assets |
12,407,382.90 |
3,844,730.76 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
3,904,590.37 |
523,026.00 |
|
Current Portion of Long-term
Loans |
266,858.29 |
- |
|
Other Current Liabilities |
3,034,358.96 |
385,971.84 |
|
|
|
|
|
Total Current Liabilities |
7,205,807.62 |
908,997.84 |
|
|
|
|
|
Long-term Loan from
Financial Institution |
1,211,718.76 |
- |
|
Other Liabilities |
425,880.00 |
- |
|
Total Liabilities |
8,843,406.38 |
908,997.84 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated |
1,563,976.52 |
935,732.92 |
|
Total Shareholders' Equity |
3,563,976.52 |
2,935,732.92 |
|
Total Liabilities & Shareholders' Equity |
12,407,382.90 |
3,844,730.76 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
73,371,826.18 |
56,199,908.50 |
|
Other Income |
538,597.68 |
340,802.73 |
|
Total Revenues |
73,910,423.86 |
56,540,711.23 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
69,178,284.83 |
54,572,073.27 |
|
Selling and Administrative Expenses |
3,961,342.62 |
1,730,671.42 |
|
Total Expenses |
73,139,627.45 |
56,302,744.69 |
|
|
|
|
|
Profit / Loss] before Financial
Costs & Income Tax |
770,796.41 |
237,966.54 |
|
Financial Costs |
[10,577.05] |
- |
|
Income Tax |
[131,975.76] |
[78,597.60] |
|
Net Profit / [Loss] |
628,243.60 |
159,368.94 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.27 |
3.24 |
|
QUICK RATIO |
TIMES |
1.07 |
2.78 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
78.77 |
186.23 |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.91 |
14.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
17.94 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
20.35 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
20.60 |
3.50 |
|
CASH CONVERSION CYCLE |
DAYS |
(2.66) |
(3.50) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.28 |
97.10 |
|
SELLING & ADMINISTRATION |
% |
5.40 |
3.08 |
|
INTEREST |
% |
0.01 |
- |
|
GROSS PROFIT MARGIN |
% |
6.45 |
3.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.05 |
0.42 |
|
NET PROFIT MARGIN |
% |
0.86 |
0.28 |
|
RETURN ON EQUITY |
% |
17.63 |
5.43 |
|
RETURN ON ASSET |
% |
5.06 |
4.15 |
|
EARNING PER SHARE |
BAHT |
31.41 |
7.97 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.24 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.48 |
0.31 |
|
TIME INTEREST EARNED |
TIMES |
72.87 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
30.56 |
|
|
OPERATING PROFIT |
% |
223.91 |
|
|
NET PROFIT |
% |
294.21 |
|
|
FIXED ASSETS |
% |
208.68 |
|
|
TOTAL ASSETS |
% |
222.71 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.45 |
Satisfactory |
Industrial
Average |
6.51 |
|
Net Profit Margin |
0.86 |
Impressive |
Industrial
Average |
0.38 |
|
Return on Assets |
5.06 |
Impressive |
Industrial
Average |
1.24 |
|
Return on Equity |
17.63 |
Impressive |
Industrial
Average |
4.08 |
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 6.45%. 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 0.86%,
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
5.06%, 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 17.63%, 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 |
1.27 |
Impressive |
Industrial Average |
1.26 |
|
Quick Ratio |
1.07 |
|
|
|
|
Cash Conversion Cycle |
(2.66) |
|
|
|
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 1.27 times in 2010, decreased from 3.24 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 1.07 times in 2010,
decreased from 2.78 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 -3 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Acceptable |
Industrial
Average |
0.68 |
|
Debt to Equity Ratio |
2.48 |
Risky |
Industrial
Average |
2.17 |
|
Times Interest Earned |
72.87 |
Impressive |
Industrial
Average |
0.69 |
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 72.88 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 0.71 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 |
78.77 |
Impressive |
Industrial
Average |
6.75 |
|
Total Assets Turnover |
5.91 |
Impressive |
Industrial
Average |
3.24 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
6.76 |
|
Receivables Conversion Period |
17.94 |
|
|
|
|
Receivables Turnover |
20.35 |
Impressive |
Industrial
Average |
7.03 |
|
Payables Conversion Period |
20.60 |
|
|
|
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.55.51 |
|
UK Pound |
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.69.17 |
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.