MIRA
INFORM REPORT
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Report Date : |
06.12.2012 |
IDENTIFICATION DETAILS
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Name : |
A.C.
BURAPA COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
30.04.1979 |
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Com. Reg. No.: |
0105522008783 |
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Legal Form : |
Private Limited Company
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Line of Business : |
Importer, distributor and
exporter of industrial chemicals
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No. of Employees : |
45 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
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Source : CIA |
Company name
A.C. BURAPA COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS :
BANGKHUNTHIEN,
TELEPHONE : [66] 2416-8266,
2416-8786
FAX :
[66] 2416-8211
E-MAIL
ADDRESS : acbco@inet.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION
NO. : 0105522008783
TAX ID
NO. : 3101162875
CAPITAL REGISTERED : BHT. 45,000,000
CAPITAL PAID-UP : BHT.
45,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
LADDAWAN LAOLIKITNUN THAI
MANAGING DIRECTOR
NO.
OF STAFF : 45
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on April
30, 1979 as
a private limited
company under the
name style A.C.
BURAPA COMPANY LIMITED
by Thai groups,
with the business
objective to import
and distribute wide
range of industrial chemicals
to both local
and overseas markets.
It currently employs
approximately 45 staff.
The subject’s registered
address was initially
located at 9/12,
9/14 Moo 5, Rama
2 Rd., Samaedam,
Bangkhunthien, Bangkok 10150.
In 2007, subject’s registered address
was relocated to
58/97 Moo 7,
Thakam Rd., Samaedam,
Bangkhunthien, Bangkok 10150.
On June 11,
2010, its address
has been changed
from “58/97 Moo
7 Thakam Road”
to “165 Thakam
Road” by the
Bangkhunthien District Office,
which are actually
the same location,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mrs. Laddawan Laolikitnun |
[x] |
Thai |
56 |
|
Ms. Uraiwan Laolikitnun |
|
Thai |
59 |
AUTHORIZED PERSON
Only the mentioned
director [x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Laddawan Laolikitnun
is the Managing
Director.
She is Thai
nationality with the
age of 55
years old.
BUSINESS OPERATIONS
The subject’s activity
is an importer and
distributor of industrial
chemicals for various
industries such as
textile dyeing, water
treatments, lubricant oil,
paints, plastic &
rubber and etc.
The subject is
also an exporter
of textile chemicals.
PURCHASE
90% the products
is imported from
Japan, Taiwan, India,
Republic of China,
Korea, Germany, U.S.A.
and Singapore, the
remaining 10% is
purchased from local
suppliers.
MAJOR SUPPLIERS
BASF [Thai] Ltd. :
Boehme [Thai] Co., Ltd. :
SALES
95% of the products
is sold locally
by wholesale to manufacturers, end-users
and dealers, the
remaining 5% is
also exported to
Japan, Malaysia, Indonesia,
Africa and Vietnam.
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.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
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
L/C at sight
or T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold to local
customers mainly by
credit, with the
maximum credit given
at 30-60 days. Occasionally, the subject is found to
have late payment
from some customer, but it
is acceptable within
15 days.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office :
EMPLOYMENT
The subject employs
approximately 45 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is
rented for administrative office
in a 3
storey building of
2 row shop houses
at the heading
address. Premise is
located in commercial/residential area.
Warehouses are located
at:
-
Samutprakarn 10290.
-
COMMENT
The subject has
been firmly established
for over 30 years
as an importer
and distributor of
industrial chemicals to
various industries. The
subject is considered
as a prominent
leader in supplying
industrial chemicals to
both local and
overseas markets. Even though
the subject’s sales
and net profit
as of June
30, 2011 were
slightly dropped comparing
to the previous year’s
level, but its business
always remains solid
and profitable.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 260,000 divided
into 2,600 shares of
Bht. 100 each.
The capital was
increased later as
the followings:
Bht. 500,000
on May 31,
1989
Bht. 3,000,000
on May 31,
1995
Bht. 5,000,000
on September 20,
2000
Bht.
45,000,000 on July
26, 2012
The latest registered
capital was increased
to Bht. 45,000,000
divided into 450,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at July 19,
2012]
|
NAME |
HOLDING |
% |
|
|
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Mrs. Laddawan Laolikitnun Nationality: Thai Address : Klongsan, |
447,500 |
99.44 |
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Mr. Teeraparp Eiawpitthayakul Nationality: Thai Address : 846/64
Soi Pradoo 1,
Yannawa, |
2,200 |
0.48 |
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Mr. Bunyarith Sri-Obchuey Nationality: Thai Address :
Yannawa, |
100 |
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Mr. Manas Wangthammanoon Nationality: Thai Address : |
100 |
= 0.08 |
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Ms. Uraiwan Laolikitnun Nationality: Thai Address :
Klongsan, |
100 |
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Total Shareholders : 5
Share Structure [as
at July 19,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
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Thai |
5 |
450,000 |
100.00 |
|
Foreign |
- |
- |
- |
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Total |
5 |
450,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sathit Kamhom No.
6605
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
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|
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Cash and Cash Equivalents |
2,653,263.61 |
11,218,591.11 |
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Short-term Investment |
20,206,789.23 |
14,000,000.00 |
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Trade Accounts Receivable |
61,680,416.68 |
75,524,222.40 |
|
Inventories |
21,403,752.51 |
23,776,444.96 |
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Other Current Assets
|
947,053.72 |
694,424.10 |
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|
|
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Total Current Assets
|
106,891,275.75 |
125,213,682.57 |
|
Fixed Assets |
44,766,860.57 |
47,147,092.91 |
|
Other Non-current Assets |
2,499,610.84 |
2,730,534.64 |
|
Total Assets |
154,157,747.16 |
175,091,310.12 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial Institution |
10,000,000.00 |
- |
|
Trade Accounts Payable |
57,558,254.99 |
98,886,718.20 |
|
Current Portion of Long-term
Loan |
556,788.84 |
396,378.36 |
|
Short-term Loan from Related Person |
60,807,958.88 |
52,222,390.61 |
|
Other Current Liabilities |
4,316,668.85 |
3,444,386.91 |
|
|
|
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Total Current Liabilities |
133,239,671.56 |
154,949,874.08 |
|
Other Loan-term Loan |
1,103,998.47 |
907,358.09 |
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Total Liabilities |
134,343,670.03 |
155,857,232.17 |
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Shareholders' Equity |
|
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|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning -
Unappropriated |
14,814,077.13 |
14,234,077.95 |
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Total Shareholders' Equity |
19,814,077.13 |
19,234,077.95 |
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Total Liabilities &
Shareholders' Equity |
154,157,747.16 |
175,091,310.12 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
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Sales Income |
264,806,901.08 |
279,923,935.35 |
|
Other Income |
8,094,102.58 |
2,024,914.70 |
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Total Revenues |
272,901,003.66 |
281,948,850.05 |
|
Expenses |
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Cost of Goods
Sold |
241,648,262.21 |
251,364,974.20 |
|
Selling Expenses |
14,610,376.39 |
11,913,028.17 |
|
Administrative Expenses |
14,241,191.35 |
15,669,027.67 |
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Total Expenses |
270,499,829.95 |
278,947,030.04 |
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Profit / [Loss] before Financial Cost |
2,401,173.71 |
3,001,820.01 |
|
Financial Cost |
[1,341,538.52] |
[1,198,012.51] |
|
Profit / [Loss] before Income Tax |
1,059,635.19 |
1,803,807.50 |
|
Income Tax |
[479,636.01] |
[604,673.74] |
|
Net Profit / [Loss] |
579,999.18 |
1,199,133.76 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
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LIQUIDITY RATIO |
|
|
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CURRENT RATIO |
TIMES |
0.80 |
0.81 |
|
QUICK RATIO |
TIMES |
0.63 |
0.65 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
5.92 |
5.94 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.72 |
1.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
32.33 |
34.53 |
|
INVENTORY TURNOVER |
TIMES |
11.29 |
10.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
85.02 |
98.48 |
|
RECEIVABLES TURNOVER |
TIMES |
4.29 |
3.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
86.94 |
143.59 |
|
CASH CONVERSION CYCLE |
DAYS |
30.41 |
(10.59) |
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PROFITABILITY
RATIO |
|
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|
COST OF GOODS SOLD |
% |
91.25 |
89.80 |
|
SELLING & ADMINISTRATION |
% |
10.90 |
9.85 |
|
INTEREST |
% |
0.51 |
0.43 |
|
GROSS PROFIT MARGIN |
% |
11.80 |
10.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.91 |
1.07 |
|
NET PROFIT MARGIN |
% |
0.22 |
0.43 |
|
RETURN ON EQUITY |
% |
2.93 |
6.23 |
|
RETURN ON ASSET |
% |
0.38 |
0.68 |
|
EARNING PER SHARE |
BAHT |
11.60 |
23.98 |
|
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.87 |
0.89 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.78 |
8.10 |
|
TIME INTEREST EARNED |
TIMES |
1.79 |
2.51 |
|
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ANNUAL GROWTH |
|
|
|
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SALES GROWTH |
% |
(5.40) |
|
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OPERATING PROFIT |
% |
(20.01) |
|
|
NET PROFIT |
% |
(51.63) |
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FIXED ASSETS |
% |
(5.05) |
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TOTAL ASSETS |
% |
(11.96) |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
11.80 |
Satisfactory |
Industrial
Average |
12.07 |
|
Net Profit Margin |
0.22 |
Deteriorated |
Industrial
Average |
1.82 |
|
Return on Assets |
0.38 |
Deteriorated |
Industrial
Average |
4.28 |
|
Return on Equity |
2.93 |
Deteriorated |
Industrial
Average |
11.66 |
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 11.8%. 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 0.22%.
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 0.38%.
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 2.93%.
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 |
0.80 |
Risky |
Industrial
Average |
1.50 |
|
Quick Ratio |
0.63 |
|
|
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Cash Conversion Cycle |
30.41 |
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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 0.8 times in 2011, decrease from 0.81 times, 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 0.63 times in 2011,
decrease from 0.65 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 31 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.87 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
6.78 |
Risky |
Industrial
Average |
1.51 |
|
Times Interest Earned |
1.79 |
Acceptable |
Industrial
Average |
3.36 |
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 1.79 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 0.87 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 |
5.92 |
Acceptable |
Industrial
Average |
10.00 |
|
Total Assets Turnover |
1.72 |
Acceptable |
Industrial
Average |
2.32 |
|
Inventory Conversion Period |
32.33 |
|
|
|
|
Inventory Turnover |
11.29 |
Impressive |
Industrial
Average |
6.90 |
|
Receivables Conversion Period |
85.02 |
|
|
|
|
Receivables Turnover |
4.29 |
Satisfactory |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
86.94 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.57 |
|
|
1 |
Rs.87.90 |
|
Euro |
1 |
Rs.71.53 |
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.