MIRA
INFORM REPORT
|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI
EXPORT 1980 CO.,
LTD. |
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Registered Office : |
46/164 Moo 12, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.05.2007 |
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Com. Reg. No.: |
0105550047658 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Exporter
& distributor of food products |
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No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
THAI EXPORT 1980 CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 46/164 MOO
12, T GROUP
BUILDING,
SOI NUALCHAN,
NUALCHAN ROAD,
KLONGKUM, BUENGKUM,
BANGKOK 10230,
THAILAND
TELEPHONE : [66] 2944-4959,
081 311-6048
FAX : [66] 2944-4959
E-MAIL
ADDRESS : thaiexport1980@thaiexport1980.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550047658
TAX ID NO. : -
CAPITAL REGISTERED : BHT. 13,500,000
CAPITAL PAID-UP : BHT.
13,500,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
RATTAKRIT NETIRATHANONKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : FOOD
PRODUCTS
EXPORTER &
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 May 2,
2007 as a
private limited company under
the registered name
THAI EXPORT 1980
CO., LTD., by
Thai groups, with the business
objective to export
wide range of
food products. It
currently employs 10
staff.
The
subject’s registered address
was initially located
at 57 Soi
Ramkhamhaeng 60,
Ramkhamahaeng Rd., Huamark,
Bangkapi, Bangkok 10240.
In
May 2012, its
registered address was
relocated to 46/164
Moo 12, T
Group Bldg., Soi Nualchan,
Nualchan Rd., Klongkum,
Buengkum, Bangkok 10230,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Rattakrit Netirathanonkul
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Rattakrit Netirathanonkul is
the Managing Director.
He is Thai
nationality with the
age of 32
years old.
BUSINESS OPERATIONS
The subject
is engaged in
exporting wide range
of food products,
including agricultural products,
such as rice,
sugar, bean, rubber,
tapioca, canned fruits
and vegetables, edible
oil, as well
as canned foods,
frozen foods and
others, according to
customer’s requirement.
PURCHASE
100%
of the products
is purchased from
local suppliers and
manufacturers.
SALES
95% of the
products is exported
to Dubai, U.S.A.,
Japan, Hong Kong,
Singapore, Republic of
China, and many
countries in Europe,
Middle East, and
Africa, and the
remaining 5% is sold
locally.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
nor 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.
Exports are against
T/T.
BANKING
The
subject was not
disclosed its banker’s
name.
EMPLOYMENT
The
subject currently employs
10 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject offers a
variety of food
products make according
to agricultural products
such as rice,
sugar, bean, tapioca,
canned foods. frozen foods and
etc. Its business is
successful in export
of Thai food
products mainly to
overseas markets. Subject
reported moderate sales in
the year 2010 meanwhile
its sale is
expanding steadily.
FINANCIAL INFORMATION
The capital
was registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 5,000,000
on June 30,
2008
Bht. 13,500,000
on April 3,
2012
The
latest registered capital
was increased to
Bht. 13,500,000 divided into
135,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at March
9, 2012]
|
NAME |
HOLDING |
% |
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Mr. Rattakrit Netirathanonkul Nationality: Thai Address : 92/821
Moo 2, Klongkum,
Buengkum, Bangkok |
134,998 |
100.00 |
|
Mr. Thanasak Netirathanonkul Nationality: Thai Address : 211
Moo 13, Thadaeng,
Nongphai,
Petchabun |
1 |
- |
|
Mrs. Thavil Pasawathe Nationality: Thai Address : 211
Moo 13, Thadaeng,
Nongphai,
Petchabun |
1 |
- |
Total Shareholders : 3
Share Structure [as
at March 9,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
135,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
135,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Arnon Damrongchaithana No.
9691
BALANCE SHEET [BAHT]
The 2011 financial
statement has yet
been submitted to the
Commercial Registration Department
during investigation.
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
324,909.76 |
9,481.99 |
|
Trade Accounts Receivable |
1,212,162.85 |
- |
|
Loan to Related
Person |
4,300,000.00 |
5,100,000.00 |
|
Other Current Assets
|
390,138.31 |
205,082.70 |
|
|
|
|
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Total Current Assets |
6,227,210.92 |
5,314,564.69 |
|
Equipment |
2,561,417.33 |
144,681.22 |
|
Other Assets |
600.00 |
600.00 |
|
Total Assets |
8,789,228.25 |
5,459,845.91 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Current Portion of Financial
Lease Contract Liabilities |
522,494.60 |
- |
|
Other Current Liabilities |
1,377,314.33 |
340,180.03 |
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|
|
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Total Current Liabilities |
1,899,808.93 |
340,180.03 |
|
Financial Lease Contract
Liabilities - Net |
1,415,926.47 |
- |
|
Total Liabilities |
3,315,735.40 |
340,180.03 |
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Shareholders' Equity |
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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|
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
473,492.85 |
119,665.88 |
|
Total Shareholders' Equity |
5,473,492.85 |
5,119,665.88 |
|
Total Liabilities & Shareholders' Equity |
8,789,228.25 |
5,459,845.91 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
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Sales |
19,701,306.80 |
4,916,788.18 |
|
Other Income |
48,338.50 |
414,562.86 |
|
Total Revenues |
19,749,645.30 |
5,331,351.04 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
15,612,930.39 |
3,420,863.92 |
|
Employee Expenses |
1,448,978.65 |
1,114,557.95 |
|
Depreciation |
567,643.65 |
16,708.60 |
|
Other Expenses |
1,609,711.99 |
541,830.63 |
|
Total Expenses |
19,236,264.68 |
5,093,961.10 |
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|
|
|
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Profit / [Loss] before Financial
Cost & Income Tax |
513,380.62 |
237,389.94 |
|
Financial Cost |
[74,656.14] |
- |
|
Income Tax |
[81,897.51] |
[16,861.27] |
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|
|
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Net Profit / [Loss] |
356,826.97 |
220,528.67 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
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LIQUIDITY RATIO |
|
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CURRENT RATIO |
TIMES |
3.28 |
15.62 |
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QUICK RATIO |
TIMES |
3.07 |
15.02 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
7.69 |
33.98 |
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TOTAL ASSETS TURNOVER |
TIMES |
2.24 |
0.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
22.46 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
16.25 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
22.46 |
- |
|
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PROFITABILITY
RATIO |
|
|
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COST OF GOODS SOLD |
% |
79.25 |
69.58 |
|
SELLING & ADMINISTRATION |
% |
2.88 |
0.34 |
|
INTEREST |
% |
0.38 |
- |
|
GROSS PROFIT MARGIN |
% |
21.00 |
38.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.61 |
4.83 |
|
NET PROFIT MARGIN |
% |
1.81 |
4.49 |
|
RETURN ON EQUITY |
% |
6.52 |
4.31 |
|
RETURN ON ASSET |
% |
4.06 |
4.04 |
|
EARNING PER SHARE |
BAHT |
7.14 |
4.41 |
|
|
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LEVERAGE RATIO |
|
|
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DEBT RATIO |
TIMES |
0.38 |
0.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.61 |
0.07 |
|
TIME INTEREST EARNED |
TIMES |
6.88 |
- |
|
|
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ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
300.69 |
|
|
OPERATING PROFIT |
% |
116.26 |
|
|
NET PROFIT |
% |
61.81 |
|
|
FIXED ASSETS |
% |
1,670.39 |
|
|
TOTAL ASSETS |
% |
60.98 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.00 |
Impressive |
Industrial
Average |
8.39 |
|
Net Profit Margin |
1.81 |
Impressive |
Industrial
Average |
0.13 |
|
Return on Assets |
4.06 |
Impressive |
Industrial
Average |
0.64 |
|
Return on Equity |
6.52 |
Impressive |
Industrial
Average |
1.91 |
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 21%. 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. The company’s figure is 1.81% 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
4.06%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profits 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 6.52%, 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 |
3.28 |
Impressive |
Industrial
Average |
1.29 |
|
Quick Ratio |
3.07 |
|
|
|
|
Cash Conversion Cycle |
22.46 |
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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 3.28 times in 2010, decreased from 15.62 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 3.07 times in 2010,
decreased from 15.02 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 |
0.38 |
Impressive |
Industrial
Average |
0.65 |
|
Debt to Equity Ratio |
0.61 |
Impressive |
Industrial
Average |
2.03 |
|
Times Interest Earned |
6.88 |
Impressive |
Industrial
Average |
0.58 |
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 6.88 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 0.38 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average
competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.69 |
Acceptable |
Industrial
Average |
10.64 |
|
Total Assets Turnover |
2.24 |
Deteriorated |
Industrial
Average |
4.73 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
12.88 |
|
Receivables Conversion Period |
22.46 |
|
|
|
|
Receivables Turnover |
16.25 |
Impressive |
Industrial
Average |
7.81 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.86 |
|
UK Pound |
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
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.