MIRA
INFORM REPORT
|
Report Date : |
25.07.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
IONIC
LOGISTICS CO., LTD. |
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Registered Office : |
69, 71 Soi
Ramkhamhaeng 8, Yake
6, Rama 9 Road,
Huamark, Bangkapi, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.03.1984 |
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Com. Reg. No.: |
0105527012258 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Logistics Service Provider |
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No. of Employees : |
80 |
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 |
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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 – 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 |
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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 |
Company name
IONIC LOGISTICS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 69, 71 SOI RAMKHAMHAENG 8,
YAKE 6,
RAMA 9
ROAD, HUAMARK, BANGKAPI,
BANGKOK 10240,
THAILAND
TELEPHONE : [66] 2717-2691-5
FAX :
[66] 2717-2571
E-MAIL
ADDRESS : marketing@ioniclogistics.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1984
REGISTRATION
NO. : 0105527012258
TAX
ID NO. : 3101289961
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRASARN SINSAWAD,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 80
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 March 23,
1984 as a
private limited company under
the originally registered
name “Ionic Inter
Co., Ltd.”, by
Thai groups. On February
13, 2002, its
registered name was
changed to IONIC
LOGISTICS CO., LTD.
Its business objective
is to provide
logistic services. It
currently employs approximate
80 staff. The
subject is a
subsidiary of Ionic
Group Co., Ltd.,
Thailand.
The
subject is an
authorized member of
the following associations:
- Thai
Customs Department, authorized customs
brokerage no. 168.
- TAFA [Thai Airfreight Forwarders Association], member
no. AS-106-01.
- TIFFA [Thai International Freight
Forwarders Association]
- FIATA [International Federation of
Freaight Forwarders Assocoiation]
- STT
[Multi-models Transport Department] member
no. 55/2550.
The
subject’s registered address
is 69, 71 Soi
Ramkhamhaeng 8, Yake
6, Rama 9
Rd., Huamark, Bangkapi,
Bangkok 10240, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Nisakorn Sinsawad |
|
Thai |
33 |
|
Mr. Prasarn Sinsawad |
[x] |
Thai |
59 |
|
Mrs. Kwanream Sinsawad |
|
Thai |
34 |
|
Mrs. Anchalee Kasemsup |
|
Thai |
38 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Prasarn Sinsawad is
the Managing Director.
He is Thai
nationality with the
age of 59 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
providing complete range
of logistic services
with multi-transportation modes
for inbound, outbound,
transshipment and in
transit shipments. Ranges
of services include
sea freight, air
freight, trucking, transshipment, custom
formalities, packing, warehousing,
turnkey project logistics
service, operational and
legal consultancy. The
subject is also
the DHL authorized
reseller in Jatujak
weekend market. Its
three shops around
JJ market offer DHL
worldwide door to
door service, sea
freight and air
freight cargo.
PURCHASE
100%
of purchasing is
from local suppliers.
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
80 office, sales
staff and service
workers.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Branches :
JJ market - Bangkok, Lampang
province, Maesod - Tak province,
Mukdaharn province
and Udornthani province.
COMMENT
The
subject offers logistic
services ranging from
document, small parcel,
perishable products,
DG(dangerous goods), to
big volume cargos.
It provides services
between airports in
Thailand and any
major airports worldwide.
Its well co-operation with
freighters and airfreight
forwarders ensures that
it can serve clients
with competitive price and
quality.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 150,000
divided into 1,500
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 600,000
on August 19,
1987
Bht. 1,500,000
on March 21,
1989
Bht. 3,000,000
on August 29,
1994
Bht.
10,000,000 on October
19, 2001
The latest
registered capital was
increased to Bht. 10 million, divided
into 1,000,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ionic Group Co.,
Ltd. Nationality: Thai Address : 69, 71
Soi Ramkhamhaeng 8,
Yake 6, Rama 9
Rd., Huamark, Bangkapi,
Bangkok |
964,000 |
96.40 |
|
Mrs. Kwanream Sinsawad Nationality: Thai Address : 608
Moo 7, T. Phrabat,
A. Muang, Lampang |
31,996 |
3.20 |
|
Mrs. Anchalee Kasemsup Nationality: Thai Address : 59/207
Moo 3, T. Banchang, A. Muang,
Pathumthani |
4,004 |
0.40 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kamron Thamrongsakulsiri No.
3376
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
2,886,004.01 |
554,001.33 |
|
Trade Accounts & Other Receivable |
19,717,764.51 |
35,017,884.32 |
|
|
|
|
|
Total Current Assets
|
22,603,768.52 |
35,571,885.65 |
|
|
|
|
|
Fixed Assets |
11,295,597.14 |
10,001,478.62 |
|
Long-term Investment |
70,000.00 |
70,000.00 |
|
Long-term Loan |
6,942,126.93 |
3,379,103.43 |
|
Other Assets |
9,015,942.79 |
4,998,166.73 |
|
Total Assets |
49,927,435.38 |
54,020,634.43 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
9,842,529.57 |
8,248,859.00 |
|
Trade Accounts & Other
Payable |
7,131,056.37 |
7,824,307.04 |
|
Accrued Income Tax |
24,494.07 |
32,282.64 |
|
Current Portion of Long-term
Loans |
2,172,157.00 |
638,114.00 |
|
Other Current Liabilities |
4,931,367.05 |
4,267,535.66 |
|
|
|
|
|
Total Current Liabilities |
24,101,604.06 |
21,011,098.34 |
|
Long-term Loan |
10,180,000.00 |
18,400,000.00 |
|
Other Long-term Loan |
3,310,661.13 |
4,208,812.97 |
|
Total Liabilities |
37,592,265.19 |
43,619,911.31 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital : Baht 10
value authorized, issued
and fully paid share
capital 1,000,000 shares |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning - Unappropriated |
2,335,170.19 |
400,723.12 |
|
Total Shareholders' Equity |
12,335,170.19 |
10,400,723.12 |
|
Total Liabilities & Shareholders' Equity |
49,927,435.38 |
54,020,634.43 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Services Income |
138,073,479.16 |
100,281,618.54 |
|
Other Income |
501,439.96 |
405,329.73 |
|
Total Revenues |
138,574,919.12 |
100,686,948.27 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services
|
111,691,633.67 |
78,578,758.53 |
|
Selling Expenses |
10,997,969.34 |
8,676,470.09 |
|
Administrative Expenses |
11,988,671.79 |
10,303,725.58 |
|
Total Expenses |
134,678,274.80 |
97,558,954.20 |
|
|
|
|
|
Profit / Loss] before Financial
Costs & Income Tax |
3,896,644.32 |
3,127,994.07 |
|
Financial Costs |
[987,703.18] |
[639,426.56] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
2,908,941.14 |
2,488,567.51 |
|
Income Tax |
[974,494.07] |
[885,464.64] |
|
Net Profit / [Loss] |
1,934,447.07 |
1,603,102.87 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.94 |
1.69 |
|
QUICK RATIO |
TIMES |
0.94 |
1.69 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.22 |
10.03 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.77 |
1.86 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
52.12 |
127.46 |
|
RECEIVABLES TURNOVER |
TIMES |
7.00 |
2.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
23.30 |
36.34 |
|
CASH CONVERSION CYCLE |
DAYS |
28.82 |
91.11 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.89 |
78.36 |
|
SELLING & ADMINISTRATION |
% |
16.65 |
18.93 |
|
INTEREST |
% |
0.72 |
0.64 |
|
GROSS PROFIT MARGIN |
% |
19.47 |
22.05 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.82 |
3.12 |
|
NET PROFIT MARGIN |
% |
1.40 |
1.60 |
|
RETURN ON EQUITY |
% |
15.68 |
15.41 |
|
RETURN ON ASSET |
% |
3.87 |
2.97 |
|
EARNING PER SHARE |
BAHT |
1.93 |
1.60 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.05 |
4.19 |
|
TIME INTEREST EARNED |
TIMES |
3.95 |
4.89 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
37.69 |
|
|
OPERATING PROFIT |
% |
24.57 |
|
|
NET PROFIT |
% |
20.67 |
|
|
FIXED ASSETS |
% |
12.94 |
|
|
TOTAL ASSETS |
% |
(7.58) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.47 |
Satisfactory |
Industrial Average |
24.66 |
|
Net Profit Margin |
1.40 |
Acceptable |
Industrial Average |
2.60 |
|
Return on Assets |
3.87 |
Impressive |
Industrial Average |
3.61 |
|
Return on Equity |
15.68 |
Impressive |
Industrial Average |
5.90 |
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 19.47%. 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 1.4%. 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
3.87%, 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 15.68%, 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 |
0.94 |
Risky |
Industrial Average |
1.77 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
28.82 |
|
|
|
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 0.94 times in 2011, decrease from 1.69 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 0.94 times in 2011,
decrease from 1.69 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 29 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial Average |
0.42 |
|
Debt to Equity Ratio |
3.05 |
Risky |
Industrial Average |
0.78 |
|
Times Interest Earned |
3.95 |
Acceptable |
Industrial Average |
6.90 |
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 3.95 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 0.75 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 |
12.22 |
Impressive |
Industrial Average |
4.38 |
|
Total Assets Turnover |
2.77 |
Impressive |
Industrial Average |
1.34 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
10.66 |
|
Receivables Conversion Period |
52.12 |
|
|
|
|
Receivables Turnover |
7.00 |
Impressive |
Industrial Average |
2.77 |
|
Payables Conversion Period |
23.30 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.02 |
|
UK Pound |
1 |
Rs.86.89 |
|
Euro |
1 |
Rs.67.84 |
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.