MIRA
INFORM REPORT
|
Report Date : |
22.06.2012 |
IDENTIFICATION DETAILS
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Name : |
GOODRICH LINE COMPANY LIMITED |
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Registered Office : |
33 Soi Nakniwat
15, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.09.2009 |
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Com. Reg. No.: |
0105552104268 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Communication System Equipment |
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No. of Employees : |
3 |
RATING & COMMENTS
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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 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
GOODRICH
LINE COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 33
SOI NAKNIWAT 15,
NAKNIWAT ROAD, LADPRAO,
LADPRAO, BANGKOK
10230, THAILAND
TELEPHONE : [66] 2539-3647
FAX :
[66] 2539-2321
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0105552104268
TAX
ID NO. : 3033650310
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. PORNSUANG JIRAPATTANAKULCHAI, THAI
GENERAL MANAGER
NO.
OF STAFF : 3
LINES
OF BUSINESS : COMMUNICATION SYSTEM
EQUIPMENT
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 September 29, 2009
as a private
limited company under
the registered name
GOODRICH LINE COMPANY
LIMITED by Thai groups, with
the business objective
to distribute various
kinds of communication
system equipment, as
well as provide
freight forwarding service.
It currently employs
3 staff.
The
subject’s registered address
is 33 Soi
Nakniwat 15, Nakniwat
Rd., Ladprao, Bangkok
10230, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Danai Saengpho |
|
Thai |
35 |
|
Ms. Pornsuang
Jirapattanakulchai |
|
Thai |
37 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Pornsuang Jirapattanakulchai is
the General Manager.
She is Thai
nationality with the
age of 37 years
old.
BUSINESS OPERATIONS
The subject’s
core business is
engaged in distributing
various kinds of
communication system equipment
and spare parts.
The subject
also provides wide
range of freight
forwarding and logistic
services.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES / SERVICES
100% of the
products and services
are to 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 & 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 3
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial / residential area.
COMMENT
The subject’s operating
performance in 2011
was satisfactory with
an increase in
both sales/service revenues
and net profit
comparing to the
previous year.
The subject also reported
an increase in
sales and service
revenue in the
first quarter of
2012 with more
new customers from
effective market expansion
in the past
year. Generally, its
business is promising.
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. Danai Saengpho Nationality: Thai Address :
36 Soi Nakniwat
48, Nakniwat Rd.,
Ladprao, Bangkok |
4,000 |
40.00 |
|
Ms. Pornsuang
Jirapattanakulchai Nationality: Thai Address : 36
Soi Nakniwat 48,
Nakniwat Rd.,
Ladprao, Bangkok |
3,000 |
30.00 |
|
Mr. Sompong Saengpho Nationality: Thai Address : 36
Soi Nakniwat 48,
Nakniwat Rd.,
Ladprao, Bangkok |
3,000 |
30.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kanarat Kijthanapoprung No. 5939
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
62,296.77 |
70,781.80 |
|
Short-term Loans |
6,800,000.00 |
2,800,000.00 |
|
Other Current Assets
|
32,499.09 |
16,000.00 |
|
|
|
|
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Total Current Assets
|
6,894,795.86 |
2,886,781.80 |
|
|
|
|
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Fixed Assets |
11,100.02 |
13,901.89 |
|
Other Assets |
16,125.59 |
1,920.00 |
|
Total Assets |
6,922,021.47 |
2,902,603.69 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
5,536,939.76 |
1,833,291.19 |
|
Other Current Liabilities |
8,350.00 |
6,625.00 |
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|
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Total Current Liabilities |
5,545,289.76 |
1,839,916.19 |
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Total Liabilities |
5,545,289.76 |
1,839,916.19 |
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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 |
376,731.71 |
62,687.50 |
|
Total Shareholders' Equity
[Deficit] |
1,376,731.71 |
1,062,687.50 |
|
Total Liabilities & Shareholders' Equity |
6,922,021.47 |
2,902,603.69 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
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Sales |
13,999,696.00 |
3,660,344.80 |
|
Services Income |
403,000.00 |
92,037.38 |
|
Other Income |
32,499.93 |
24,954.42 |
|
Total Revenues |
14,435,195.93 |
3,777,336.60 |
|
Expenses |
|
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Cost of Goods
Sold |
13,407,996.00 |
3,621,931.64 |
|
Selling Expenses |
- |
13,825.00 |
|
Administrative Expenses |
684,206.31 |
50,792.46 |
|
Total Expenses |
14,092,202.31 |
3,686,549.10 |
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|
|
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Profit before Income Tax |
342,993.62 |
90,787.50 |
|
Income Tax |
[28,949.41] |
- |
|
Net Profit / [Loss] |
314,044.21 |
90,787.50 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
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LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
1.24 |
1.57 |
|
QUICK RATIO |
TIMES |
1.24 |
1.56 |
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,297.54 |
269.92 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.08 |
1.29 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
150.73 |
184.75 |
|
CASH CONVERSION CYCLE |
DAYS |
(150.73) |
(184.75) |
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PROFITABILITY
RATIO |
|
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COST OF GOODS SOLD |
% |
93.09 |
96.52 |
|
SELLING & ADMINISTRATION |
% |
4.75 |
1.72 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
7.13 |
4.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.38 |
2.42 |
|
NET PROFIT MARGIN |
% |
2.18 |
2.42 |
|
RETURN ON EQUITY |
% |
22.81 |
8.54 |
|
RETURN ON ASSET |
% |
4.54 |
3.13 |
|
EARNING PER SHARE |
BAHT |
31.40 |
9.08 |
|
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LEVERAGE RATIO |
|
|
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DEBT RATIO |
TIMES |
0.80 |
0.63 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.03 |
1.73 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
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ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
283.83 |
|
|
OPERATING PROFIT |
% |
277.80 |
|
|
NET PROFIT |
% |
245.91 |
|
|
FIXED ASSETS |
% |
(20.15) |
|
|
TOTAL ASSETS |
% |
138.48 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.13 |
Acceptable |
Industrial
Average |
10.92 |
|
Net Profit Margin |
2.18 |
Impressive |
Industrial
Average |
1.15 |
|
Return on Assets |
4.54 |
Impressive |
Industrial
Average |
2.93 |
|
Return on Equity |
22.81 |
Impressive |
Industrial
Average |
8.71 |
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 7.13%. 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 2.18%,
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
4.54%, 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 22.81%, 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 |
1.24 |
Satisfactory |
Industrial Average |
1.54 |
|
Quick Ratio |
1.24 |
|
|
|
|
Cash Conversion Cycle |
(150.73) |
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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 1.24 times in 2011, decrease from 1.57 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 1.24 times in 2011,
decrease from 1.56 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 -151 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
4.03 |
Risky |
Industrial
Average |
1.67 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.23 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.8 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 |
1,297.54 |
Impressive |
Industrial
Average |
6.01 |
|
Total Assets Turnover |
2.08 |
Satisfactory |
Industrial
Average |
2.28 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
8.01 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
6.96 |
|
Payables Conversion Period |
150.73 |
|
|
|
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.56.42 |
|
|
1 |
Rs.88.45 |
|
Euro |
1 |
Rs.71.52 |
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.