MIRA
INFORM REPORT
|
Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
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Name : |
TO-GO INTERTRADE CO., LTD. |
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Registered Office : |
582/83 Moo 11, T. Nongkham, A. Sriracha, Chonburi 20230 |
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Country : |
Thailand |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
16.10.2008 |
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Com. Reg. No.: |
0205551023867 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Fresh and Dried Fruits & Vegetable Products |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
TO-GO
INTERTRADE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 112/75 MOO
10, T. THUNGSUKHLA, A. SRIRACHA,
CHONBURI 20230,
THAILAND
TELEPHONE : [66] 38
490-231-3, 086 341-8191
FAX :
[66] 38
490-234
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : 582/83 MOO
11, T. NONGKHAM, A. SRIRACHA,
CHONBURI 20230,
THAILAND
ESTABLISHED
: 2008
REGISTRATION
NO. : 0205551023867
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDERS PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : SEPTEMBER 30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NATTAPOL PRACHONG,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : FRESH
AND DRIED FRUITS
& VEGETABLE
PRODUCTS
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 October 16, 2008
as a private
limited company under
the registered name
TO-GO INTERTRADE CO.,
LTD. by Thai groups, with the
business objective to
import and distribute
various kinds of
fresh and dried
fruits and vegetable
products to domestic
market. It currently
employs 3 staff.
The
subjects registered address is
582/83 Moo 11, T.
Nongkham, A. Sriracha, Chonburi 20230, while the current operation
address is 112/75 Moo 10, T.
Thungsukhla, A. Sriracha, Chonburi
20230.
THE BOARD
OF DIRECTOR
Mr. Nattapol Prachong
AUTHORIZED PERSON
The above director can
sign on behalf
of the subject
with companys affixed.
MANAGEMENT
Mr. Nattapol Prachong is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject
is engaged in importing
and distributing various
kinds of fresh
and dried fruits and vegetable products, such
as dried jelly
fungus, dried black
truffle, fresh apples,
fresh pears and
etc.
PURCHASE
Its
products are purchased
from suppliers both in
domestic and overseas,
mainly in Republic
of China, India,
Taiwan and Singapore.
MAJOR
SUPPLIER
Shenzhen
Guangxingtai Import and
Export Co., Ltd. : Republic
of China
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
RELATED AND
AFFILIATED COMPANY
Icon Logistics Co.,
Ltd.
Business Type :
Transportation and logistics
services.
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
bankers name was
not disclosed.
EMPLOYMENT
The
subject employs 3
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in provincial,
the Eastern region.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The subjects first
year of its
commercial business activities
was satisfactory with large
amount of sales
revenue. Moreover, the subject
is optimistic for a better
performance in 2012
from an expansion
of both local
and export markets.
Generally, the subjects business
outlook 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, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nattapol Prachong Nationality: Thai Address : 582/83
Moo 11, T. Nongkham, A.
Sriracha, Chonburi |
8,000 |
80.00 |
|
Ms. Maneewan Chawayos Nationality: Thai Address : 4
Moo 3, T. Chiangda, A. Srangkom, Udornthani |
500 |
5.00 |
|
Mr. Banjerd Suksomporn Nationality: Thai Address : 9/3
Moo 5, T. Bung,
A. Sriracha, Chonburi |
500 |
5.00 |
|
Mr. Chairat Muenpakdee Nationality: Thai Address : 10
Moo 4, T. Bangtapong, A. Pakpanang,
Nakornsrithammarat |
500 |
5.00 |
|
Ms. Naree Kohmafai Nationality: Thai Address : 90
Moo 4, T. Bungkhla,
A. Muang,
Chaiyaphum |
500 |
5.00 |
Total Shareholders : 5
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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|
Thai |
5 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Ekarat Mananararak No.
4014
BALANCE SHEET [BAHT]
The
latest financial figures
published for September
30, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
178,909.10 |
100,000.00 |
|
Short-term Loan to Related Person |
900,000.00 |
900,000.00 |
|
Deferred Interest |
18,000.00 |
54,000.00 |
|
|
|
|
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Total Current Assets
|
1,096,909.10 |
1,054,000.00 |
|
Total Assets |
1,096,909.10 |
1,054,000.00 |
LIABILITIES &
SHAREHOLDERS EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Other Current Liabilities |
|
|
|
Deferred Withholding
Tax |
3,915.00 |
- |
|
Accrued Income Tax |
19,114.47 |
- |
|
Accrued Expenses |
5,000.00 |
14,000.00 |
|
|
|
|
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Total Current Liabilities |
28,029.47 |
14,000.00 |
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Total Liabilities |
28,029.47 |
14,000.00 |
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Shareholders Equity |
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|
|
|
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Share capital : Baht 100
par 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 |
68,879.63 |
40,000.00 |
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Total Shareholders' Equity |
1,068,879.63 |
1,040,000.00 |
|
Total Liabilities & Shareholders' Equity |
1,096,909.10 |
1,054,000.00 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
170,860,281.31 |
- |
|
Interest Income |
18,000.00 |
27,000.00 |
|
Other Income |
1,901.91 |
- |
|
Total Revenues |
170,880,183.22 |
27,000.00 |
|
Expenses |
|
|
|
|
|
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Purchase of Goods |
136,485,456.09 |
- |
|
Import Expenses |
31,338,900.02 |
- |
|
Shipping Expenses |
2,721,500.00 |
- |
|
Other Expenses |
286,333.01 |
7,000.00 |
|
Total Expenses |
170,832,189.12 |
7,000.00 |
|
Profit / [Loss] before Income
Tax |
47,994.10 |
20,000.00 |
|
Income Tax |
[19,114.47] |
- |
|
|
|
|
|
Net Profit / [Loss] |
28,879.63 |
20,000.00 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
39.13 |
75.29 |
|
QUICK RATIO |
TIMES |
39.13 |
75.29 |
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ACTIVITY RATIO |
|
|
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|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
155.77 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
79.88 |
- |
|
SELLING & ADMINISTRATION |
% |
19.93 |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
20.13 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.03 |
- |
|
NET PROFIT MARGIN |
% |
0.02 |
- |
|
RETURN ON EQUITY |
% |
2.70 |
1.92 |
|
RETURN ON ASSET |
% |
2.63 |
1.90 |
|
EARNING PER SHARE |
BAHT |
2.89 |
2.00 |
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|
|
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|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.03 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.03 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
139.97 |
|
|
NET PROFIT |
% |
44.40 |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
4.07 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
20.13 |
Impressive |
Industrial
Average |
9.25 |
|
Net Profit Margin |
0.02 |
Deteriorated |
Industrial
Average |
0.35 |
|
Return on Assets |
2.63 |
Impressive |
Industrial
Average |
1.84 |
|
Return on Equity |
2.70 |
Deteriorated |
Industrial
Average |
5.53 |
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 20.13%. 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 0.02%.
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
2.63%, 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. When compared with the
industry average, it was lower, the company's figure is 2.7%.
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 |
39.13 |
Impressive |
Industrial
Average |
1.32 |
|
Quick Ratio |
39.13 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 39.13 times in 2011, decrease from 75.29 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 39.13 times in 2011,
decrease from 75.29 times, although excluding inventory so the company still
have good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.03 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
0.03 |
Impressive |
Industrial
Average |
1.91 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.90 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.03 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
10.93 |
|
Total Assets Turnover |
155.77 |
Impressive |
Industrial Average |
4.78 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
11.54 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
7.84 |
|
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.50.12 |
|
|
1 |
Rs.79.37 |
|
Euro |
1 |
Rs.66.00 |
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 SCs 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.