MIRA INFORM REPORT
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Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
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Name : |
THN INTEGRATION CO., LTD. |
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Registered Office : |
673/1-3 Rama 3 Road, Bangpongpang, Yannawa, Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.02.2000 |
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Com. Reg. No.: |
0105543013000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Transmission and Steering Parts |
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No. of Employees : |
9 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
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 |
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
THN
INTEGRATION CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 673/1-3 RAMA
3 ROAD, BANGPONGPANG,
YANNAWA, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2294-7200
FAX :
[66] 2294-7955
E-MAIL
ADDRESS : thn_integration2002@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543013000
TAX
ID NO. : 3030040282
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. NUCHAREE SIRIWATTANALIKIT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : TRANSMISSION AND
STEERING PARTS
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 4, 2000
as a private
limited company under the
registered name THN
INTEGRATION CO., LTD.,
by Thai groups,
with the business
objective to distribute
various kinds of
transmission and steering
parts to domestic
market. It currently
employs 9 staff.
The
subject’s registered address
was initially located
at 697-699 Charoenkrung
Rd., Taladnoi, Samphantawong, Bangkok
10100.
On
April 12, 2012,
its registered address
was relocated to
673/1-3 Rama 3
Rd., Bangpongpang, Yannawa,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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Mr. Thongchai Manusveewong |
|
Thai |
37 |
|
Ms. Nucharee Siriwattanalikit |
|
Thai |
46 |
AUTHORIZED PERSON
Both of the above
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Nucharee Siriwattanalikit is
the Managing Director.
She is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject
is engaged in importing and distributing
various kinds of
transmission and steering parts,
such as transmission
belts, bearings, chains,
gear, seals, o-ring
and etc., under various
brands “SKF”, “IKO”,
“NTN”, “NSK”, “KOYO”
and etc.
PURCHASE
The products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China and
Taiwan.
MAJOR
SUPPLIER
SKF Asia Bearings
Co., Ltd. : Republic of
China
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
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
L/C at sight
or T/T.
BANKING
The
subject has not
disclosed its banker’s
name.
EMPLOYMENT
The
subject currently employs
9 staff.
LOCATION DETAILS
The
premise is owned for
administrative office and
showroom at the
heading address. Premise
is located in
commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 300,000.
COMMENT
The
subject operates as an
importer and distributor
of industrial parts
in which the
local demand remains
strong. The subject’s sales and
net profit in
2011 were slightly
dropped from sluggish
market in the
last quarter of
2011 caused by
massive floods in
large area of the country.
However,
subject anticipates good business
in 2012 from continuous improvement
of industrial sector.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Thongchai Manusveewong Nationality: Thai Address : 889/11 Moo
1, Prachauthis Rd.,
Bangmod,
Thungkru, Bangkok |
3,000 |
30.00 |
|
Ms. Nucharee Siriwattanalikit Nationality: Thai Address : 673
Charoennakorn Rd., Bukkalo, Thonburi, Bangkok |
3,000 |
30.00 |
|
Mr. Vichai Manusveewong Nationality: Thai Address : 889/11
Moo 1, Prachauthis
Rd., Bangmod,
Thungkru, Bangkok |
1,000 |
10.00 |
|
Mr. Wanchai Manusveewong Nationality: Thai Address : 889/11
Moo 1, Prachauthis
Rd., Bangmod,
Thungkru, Bangkok |
800 |
8.00 |
|
Ms. Chintana Mongkolchaipipat Nationality: Thai Address : 748/69
Charansanitwong Rd., Klongchakphra, Talingchan,
Bangkok |
800 |
8.00 |
|
Mr. Chawin Malipetchara Nationality: Thai Address : 115/9
Charoenkrung Rd., Watprayakrai,
Bangkorlaem, Bangkok |
800 |
8.00 |
|
Mr. Viroj Lerlertpakdee Nationality: Thai Address : 141/684
Moo 9, Prachauthis
Rd.,
Rajburana, Bangkok |
600 |
6.00 |
Total Shareholders : 7
Share Structure [as
at April 30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
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Thai |
7 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Srikanya Suksathan No.
8556
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
10,561,451.64 |
5,494,580.16 |
|
Trade Accounts Receivable
|
8,853,387.07 |
14,404,824.44 |
|
Inventories |
3,106,366.13 |
3,012,766.66 |
|
Other Current Assets
|
8,452.26 |
3,035.55 |
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|
|
|
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Total Current Assets
|
22,529,657.10 |
22,915,206.81 |
|
|
|
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Fixed Assets |
1,352,313.30 |
1,603,621.45 |
|
Other Non-current Assets |
4,500.00 |
4,500.00 |
|
Total Assets |
23,886,470.40 |
24,523,328.26 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
10,348,967.42 |
12,866,547.28 |
|
Current Portion of Financial
Lease Contract Liabilities |
127,243.08 |
127,243.08 |
|
Short-term Loan from Person
& Related Company |
2,050,000.00 |
2,700,000.00 |
|
Other Current Liabilities |
1,350,620.14 |
412,395.65 |
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Total Current Liabilities |
13,876,830.64 |
16,106,186.01 |
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Financial Lease Contract,
Net of Current Portion |
180,261.01 |
307,504.09 |
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Total Liabilities |
14,057,091.65 |
16,413,690.10 |
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Shareholders' Equity |
|
|
|
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
8,829,378.75 |
7,109,638.16 |
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Total Shareholders' Equity |
9,829,378.75 |
8,109,638.16 |
|
Total Liabilities & Shareholders' Equity |
23,886,470.40 |
24,523,328.26 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
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Sales |
58,520,564.71 |
60,061,544.73 |
|
Revenue from Sale
at Zero Rate |
605,293.00 |
1,783,106.97 |
|
Discount Paid |
[3,233.62] |
- |
|
Other Income |
45,529.51 |
9,082.25 |
|
Total Revenues |
59,168,153.60 |
61,853,733.95 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
49,980,742.75 |
53,830,456.61 |
|
Selling Expenses |
2,467,980.60 |
1,845,256.43 |
|
Administrative Expenses |
4,529,308.47 |
3,746,352.68 |
|
Total Expenses |
56,978,031.82 |
59,422,065.72 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
2,190,121.78 |
2,431,668.23 |
|
Financial Costs |
[9,735.28] |
[5,924.68] |
|
|
|
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Profit / [Loss] before Income Tax |
2,180,386.50 |
2,425,743.55 |
|
Income Tax |
[460,645.91] |
[488,494.92] |
|
Net Profit / [Loss] |
1,719,740.59 |
1,937,248.63 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
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LIQUIDITY RATIO |
|
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CURRENT RATIO |
TIMES |
1.62 |
1.42 |
|
QUICK RATIO |
TIMES |
1.40 |
1.24 |
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ACTIVITY RATIO |
|
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|
FIXED ASSETS TURNOVER |
TIMES |
43.27 |
37.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.45 |
2.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
22.69 |
20.43 |
|
INVENTORY TURNOVER |
TIMES |
16.09 |
17.87 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
55.22 |
87.54 |
|
RECEIVABLES TURNOVER |
TIMES |
6.61 |
4.17 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
75.58 |
87.24 |
|
CASH CONVERSION CYCLE |
DAYS |
2.33 |
20.73 |
|
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PROFITABILITY
RATIO |
|
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|
|
COST OF GOODS SOLD |
% |
85.41 |
89.63 |
|
SELLING & ADMINISTRATION |
% |
11.96 |
9.31 |
|
INTEREST |
% |
0.02 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
15.70 |
13.36 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.74 |
4.05 |
|
NET PROFIT MARGIN |
% |
2.94 |
3.23 |
|
RETURN ON EQUITY |
% |
17.50 |
23.89 |
|
RETURN ON ASSET |
% |
7.20 |
7.90 |
|
EARNING PER SHARE |
BAHT |
171.97 |
193.72 |
|
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LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.43 |
2.02 |
|
TIME INTEREST EARNED |
TIMES |
224.97 |
410.43 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(2.57) |
|
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OPERATING PROFIT |
% |
(9.93) |
|
|
NET PROFIT |
% |
(11.23) |
|
|
FIXED ASSETS |
% |
(15.67) |
|
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TOTAL ASSETS |
% |
(2.60) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.70 |
Satisfactory |
Industrial Average |
19.71 |
|
Net Profit Margin |
2.94 |
Impressive |
Industrial Average |
2.12 |
|
Return on Assets |
7.20 |
Impressive |
Industrial Average |
3.30 |
|
Return on Equity |
17.50 |
Impressive |
Industrial Average |
7.27 |
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 15.7%. 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. Net Profit Margin ratio is 2.94%,
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
7.2%, 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 17.5%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.62 |
Satisfactory |
Industrial Average |
1.73 |
|
Quick Ratio |
1.40 |
|
|
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Cash Conversion Cycle |
2.33 |
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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 1.62 times in 2011, increase from 1.42 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 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 1.4 times in 2011,
increase from 1.24 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 |
0.59 |
Acceptable |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
1.43 |
Risky |
Industrial Average |
1.22 |
|
Times Interest Earned |
224.97 |
Impressive |
Industrial Average |
4.00 |
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 224.97 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 0.59 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 |
43.27 |
Impressive |
Industrial Average |
6.76 |
|
Total Assets Turnover |
2.45 |
Impressive |
Industrial Average |
1.53 |
|
Inventory Conversion Period |
22.69 |
|
|
|
|
Inventory Turnover |
16.09 |
Impressive |
Industrial Average |
3.48 |
|
Receivables Conversion Period |
55.22 |
|
|
|
|
Receivables Turnover |
6.61 |
Impressive |
Industrial Average |
4.47 |
|
Payables Conversion Period |
75.58 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.08 |
|
|
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.