MIRA
INFORM REPORT
|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAISING
TROPICALPLANT NURSERY COMPANY
LIMITED |
|
|
|
|
Registered Office : |
62/63 Soi Amornphan 4, Vibhavadee Rangsit Road, Ladyao, Chatuchak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
15.07.1985 |
|
|
|
|
Com. Reg. No.: |
0105528024761 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, importer and exporter of tropical plants
and related business developer, |
|
|
|
|
No. of Employees : |
30 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it
recovered from the Asian financial crisis of 1997-98. Thai exports - mostly
machinery and electronic components, agricultural commodities, and jewelry -
continue to drive the economy, accounting for more than half of GDP. The global
financial crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range between
3.8% and 5.7%.
|
Source : CIA |
Company name
THAISING TROPICALPLANT NURSERY COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 62/63
SOI AMORNPHAN 4,
VIBHAVADEE RANGSIT
ROAD, LADYAO, CHATUCHAK,
BANGKOK 10900
TELEPHONE : [66] 2561-0995-6,
2941-3976, 2618-4887
FAX :
[66] 2941-3840,
2561-0997
E-MAIL ADDRESS : info@thaising.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1985
REGISTRATION NO. : 0105528024761
TAX
ID NO. : 3101350722
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI :
70.40%
FOREIGN :
29.60%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
PATTRA RUNGRUANGWAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : TROPICAL PLANTS
AND RELATED BUSINESS
DEVELOPER, MANUFACTURER,
IMPORTER,
AND 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 July 15,
1985 as a
private limited company under
the registered name
THAISING TROPICALPLANT NURSERY
COMPANY LIMITED by Thai and Foreign
groups, with the
objective to operate
a wide range
of tropical plants
business. It currently
employs approximate 30
staff.
The
subject’s registered address
is 62/63 Soi
Amornphan 4, Vibhavadee
Rangsit Road, Ladyao,
Chatuchak, Bangkok 10900,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hoi Wan Tsoi |
[x] |
Malaysian |
57 |
|
Ms. Pattra Rungruangwat |
[x] |
Thai |
45 |
|
Mr. Tan Leng Poh |
|
Singaporean |
77 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Pattra Rungruangwat is
the Managing Director.
She is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject
is engaged in
operating complete range
of tropical plants
comprising seed development
and exports. Plants
are Shrubs [Lantana,
Aglaonema], Trees [Bonsai,
Ficus, Hibiscus, Casuarina,
Wrightia], Palms [Cycas, Washingtonia,
Phoenix, Zamia, Copernicia],
Cacti [Adenium, Euphorbia,
Lactea], Orchids [Dendrobium,
Oncidium] and Special
Items [Mini Foliage
Plants]. The subject
also imports seed
for development, as
well as exports
various kinds of
local garden decorating
equipment, such as
tree pot, jar,
stone, artificial flowers
and trees and etc.
PURCHASE
The
products are purchased
from suppliers and
planters both domestic
and overseas, mainly
in Japan, Australia
and Malaysia.
EXPORT
100% of the
products is exported
to India, Dubai,
Hong Kong, Singapore,
Malaysia, and the
countries in Europe
and Middle East
region.
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.
Imports are by
T/T.
Exports are against
L/C and T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 30 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/ residential area.
Plantation:
[Total area of
24 acres]
-
99 Moo 5, T.
Jedihak, A. Muang, Ratchburi
70000.
-
113 Moo 8, T.
Bangrakham, A. Banglane, Nakornpathom
73130.
COMMENT
The
subject was formed
in 1985 as a
plant developer and
exporter. Its products
are served to
international markets. Demand
of the products
is depending on market conditions,
which were sharply
increased in the
past few years.
However, its business
had been interrupted
by floods in
the last quarter of
2011, but resumed
normal operation in the
first quarter of 2012, and it anticipates
to have good business
for the entire year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on February 18,
1988
Bht. 10,000,000
on May 13,
2003
The
latest registered capital
was increased to
Bht. 10 million, divided into
100,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Pattra Rungruangwat Nationality: Thai Address : 62/63
Soi Amornphan 4,
Vibhavadee
Rangsit Road, Ladyao,
Chatuchak, Bangkok |
70,000 |
70.00 |
|
Garden Supply Pte.
Ltd. Nationality: Singaporean Address : 617
Bukit Timah Road,
Singapore |
19,598 |
19.60 |
|
Mr. Hoi Wan Tsoi Nationality: Malaysian Address : 62/63
Soi Amornphan 4,
Vibhavadee Rangsit Road,
Ladyao, Chatuchak, Bangkok
|
10,001 |
10.00 |
|
T.S. Pottery Co.,
Ltd. Nationality: Thai Address : 62/63
Soi Amornphan 4,
Vibhavadee
Rangsit Road, Ladyao,
Chatuchak, Bangkok |
392 |
0.39 |
|
Ms. Orn Rungruangwat Nationality: Thai Address : 30-34
Niwas Rd., Naimuang,
Muang,
Buriram |
4 |
|
|
Mr. Saichol Prikchamroon Nationality: Thai Address : 8
Moo 11, Banpetch,
Bamnejnarong,
Chaiyaphum |
2 |
= 0.01 |
|
Mr. Samard Tiewprasong Nationality: Thai Address : 107/2
Moo 4, Banpetch,
Bamnejnarong,
Chaiyaphum |
2 |
|
|
Mr. Tan Leng Poh Nationality: Singaporean Address : 17
Jalan Panda, Singapore
|
1 |
|
Total Shareholders : 8
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
70,400 |
70.40 |
|
Foreign |
3 |
29,600 |
29.60 |
|
Total |
8 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Dr. Duangduan Khemakawat
No. 1223
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
1,233,072.11 |
1,627,051.55 |
|
Trade Accounts and
Other Receivable |
18,748,861.85 |
16,082,247.82 |
|
Inventories |
719,070.00 |
1,700,200.00 |
|
|
|
|
|
Total Current Assets
|
20,701,003.96 |
19,409,499.37 |
|
|
|
|
|
Fixed Assets |
18,138,899.23 |
18,653,213.94 |
|
Deferred Income Tax Assets |
157,838.09 |
360,730.58 |
|
Other Non-current Assets |
49,465.10 |
49,465.10 |
|
Total Assets |
39,047,206.38 |
38,472,908.99 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
69,536.46 |
- |
|
Trade Accounts & Other Payable |
11,256,302.73 |
10,454,423.52 |
|
Accrued Income Tax |
302,720.08 |
166,619.99 |
|
|
|
|
|
Total Current Liabilities |
11,628,559.27 |
10,621,043.51 |
|
Deferred Income Tax Liabilities |
21,581.53 |
16,766.63 |
|
Long-term Loan |
12,103,770.96 |
13,414,367.96 |
|
Total Liabilities |
23,753,911.76 |
24,052,178.10 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning - Unappropriated |
5,293,294.62 |
4,420,730.89 |
|
Total Shareholders' Equity |
15,293,294.62 |
14,420,730.89 |
|
Total Liabilities & Shareholders' Equity |
39,047,206.38 |
38,472,908.99 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
45,807,075.29 |
50,936,461.25 |
|
Other Income |
3,658.74 |
110,470.98 |
|
Interest Income |
1,298.70 |
- |
|
Total Revenues |
45,812,032.73 |
51,046,932.23 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
30,401,981.80 |
32,893,221.76 |
|
Selling Expenses |
8,398,202.13 |
10,125,529.53 |
|
Administrative Expenses |
5,321,148.83 |
5,157,912.58 |
|
Other Expenses |
77,348.92 |
925,854.81 |
|
Total Expenses |
44,198,681.68 |
49,102,518.68 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
1,613,351.05 |
1,944,413.55 |
|
Financial Costs |
[153,264.06] |
[195,233.10] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,460,086.99 |
1,749,180.45 |
|
Income Tax |
[587,523.26] |
[563,011.13] |
|
Net Profit / [Loss] |
872,563.73 |
1,186,169.32 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.78 |
1.83 |
|
QUICK RATIO |
TIMES |
1.72 |
1.67 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.53 |
2.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.17 |
1.32 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
8.63 |
18.87 |
|
INVENTORY TURNOVER |
TIMES |
42.28 |
19.35 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
149.39 |
115.24 |
|
RECEIVABLES TURNOVER |
TIMES |
2.44 |
3.17 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
135.14 |
116.01 |
|
CASH CONVERSION CYCLE |
DAYS |
22.89 |
18.10 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
66.37 |
64.58 |
|
SELLING & ADMINISTRATION |
% |
29.95 |
30.00 |
|
INTEREST |
% |
0.33 |
0.38 |
|
GROSS PROFIT MARGIN |
% |
33.64 |
35.64 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.52 |
3.82 |
|
NET PROFIT MARGIN |
% |
1.90 |
2.33 |
|
RETURN ON EQUITY |
% |
5.71 |
8.23 |
|
RETURN ON ASSET |
% |
2.23 |
3.08 |
|
EARNING PER SHARE |
BAHT |
8.73 |
11.86 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.63 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.55 |
1.67 |
|
TIME INTEREST EARNED |
TIMES |
10.53 |
9.96 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(10.07) |
|
|
OPERATING PROFIT |
% |
(17.03) |
|
|
NET PROFIT |
% |
(26.44) |
|
|
FIXED ASSETS |
% |
(2.76) |
|
|
TOTAL ASSETS |
% |
1.49 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
33.64 |
Impressive |
Industrial Average |
6.47 |
|
Net Profit Margin |
1.90 |
Impressive |
Industrial Average |
0.43 |
|
Return on Assets |
2.23 |
Impressive |
Industrial Average |
1.42 |
|
Return on Equity |
5.71 |
Impressive |
Industrial Average |
4.61 |
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. Gross Profit Margin is 33.64%. When
compared with the industry average, the ratio of the company was higher. This
indicated that company was more profitable than the same industry.
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. Net Profit Margin ratio is 1.9%, 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
2.23%, 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 5.71%, 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 |
1.78 |
Impressive |
Industrial Average |
1.25 |
|
Quick Ratio |
1.72 |
|
|
|
|
Cash Conversion Cycle |
22.89 |
|
|
|
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 1.78 times in 2011, decrease from 1.83 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 1.72 times in 2011,
increase from 1.67 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 23 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Impressive |
Industrial Average |
0.67 |
|
Debt to Equity Ratio |
1.55 |
Satisfactory |
Industrial Average |
2.08 |
|
Times Interest Earned |
10.53 |
Impressive |
Industrial Average |
0.74 |
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 10.53 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 0.61 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 |
2.53 |
Deteriorated |
Industrial Average |
7.17 |
|
Total Assets Turnover |
1.17 |
Deteriorated |
Industrial Average |
3.36 |
|
Inventory Conversion Period |
8.63 |
|
|
|
|
Inventory Turnover |
42.28 |
Impressive |
Industrial Average |
6.63 |
|
Receivables Conversion Period |
149.39 |
|
|
|
|
Receivables Turnover |
2.44 |
Deteriorated |
Industrial Average |
7.41 |
|
Payables Conversion Period |
135.14 |
|
|
|
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.55.07 |
|
UK Pound |
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
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.