MIRA INFORM REPORT
|
Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
COM - INTER
CO., LTD. |
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|
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Registered Office : |
889 Soi Sathupradit 57 [Pariyanont], Sathupradit Road, Bangpongpang, Yannawa, Bangkok 10120 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.01.1989 |
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Com. Reg. No.: |
0105532008409 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer
and distributor of agro
and industrial products |
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No. of Employees
: |
14 |
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 |
|
Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
|
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) |
|
|
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
COM - INTER CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 889
SOI SATHUPRADIT 57 [PARIYANONT],
SATHUPRADIT ROAD,
BANGPONGPANG,
YANNAWA, BANGKOK
10120
TELEPHONE : [66] 2682-4650-2
FAX :
[66] 2682-4630
E-MAIL
ADDRESS : import@com-inter.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532008409
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP : BHT.
12,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMKIAT TERDTHOONTAVEEDEJ, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 14
LINES
OF BUSINESS : AGRO
AND INDUSTRIAL PRODUCTS
IMPORTER AND
DISTRIBUTOR
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
January 26, 1989 as a
private limited company
under the registered
name “Flexchem [Thailand]
Ltd.” by Thai
Group. On May
22, 1989 the registered name was
changed to COM - INTER
CO., LTD. Its
business objective is to
import and distribute
agro and industrial
products for local
markets. The subject
currently employs 14 staff.
The subject’s registered
and operating address
was initially located
at 321/26 Nanglinchee Rd., Chongnonsi,
Yannawa, Bangkok 10120.
On January 8, 2009, its registered
address was relocated
to 889 Soi
Sathupradit 57 [Pariyanont],
Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok 10120,
and this is
the subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Somkiat Terdthoontaveedej
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Somkiat Terdthoontaveedej is
the Managing Director.
He is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
agro and industrial
products, such as animal feed,
parafin wax, bean,
soybean meal and
etc., according to
customer’s requirement.
IMPORT [COUNTRIES]
90% of the
products is imported
from Japan, India,
Denmark, Republic of
China, Taiwan, Korea,
Vietnam and U.S.A, the
remaining 10% is
purchased from local
suppliers.
SALES [LOCAL]
100% of the
products is sold
locally to wholesalers.
RELATED AND AFFILIATED
COMPANY
Signmaterials Supply Co.,
Ltd.
Business Type :
Importer and distributor
of self adhesive
vinyl and lamination
film
Flex & Tac Co.,
Ltd.
Business Type :
Importer and distributor
of flexible face
vinyl and banner
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 on the
credits term of
30-60 days.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Road, Silom, Bangrak,
Bangkok]
Krung Thai Bank
Public Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok]
EMPLOYMENT
The subject employs
14 staff.
LOCATION DETAILS
The premise is
owned for operating administrative
office and warehouse
at the heading
address. Premise is
located in a
commercial/residential area.
REMARK
CREDIT OF US$
125,000 AGAINST DA
IN TERMS SHOULD
BE IN ORDER.
COMMENT
The subject is
an importer and distributor of
agro and industrial
products. Its operating
performance in 2010
was satisfactory with a
sharp increase in
sales revenues comparing
to the previous
year. The subject
is optimistic for
a good business
in 2012 as
well from an expansion
of its customer
base in the
past year. Generally,
the subject enjoys
steady growth in
line with the
regular demand of
the products from
local industries.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each.
On September 13,
2007 the registered
capital was increased
to Bht. 12,000,000
divided into 120,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE: [ as
at April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somkiat Terdthooontaveedej Nationality: Thai Address : 889
Soi Sathupradit 57
[Pariyanont],
Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok |
119,998 |
99.99 |
|
Mr. Ban Terdthooontaveedej Nationality: Thai Address : 39
Soi Prachauthis 98,
Thungkru, Bangkok |
1 |
= 0.01 |
|
Ms. Orasri Terdthooontaveedej Nationality: Thai Address : 93/126
Moo 2, Thungkru,
Bangkok |
1 |
|
Total Shareholders : 3
Share Structure
[as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
120,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
120,000 |
100.00 |
NAME AUDITOR &
CERTIFIED PUBLIC ACCOUNT
NO.:
Mr. Thammanoon Torpipat No.
5413
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
58,439,434.19 |
42,545,678.78 |
|
Trade Accounts Receivable |
112,209,225.72 |
99,310,539.55 |
|
Inventories |
107,308,835.68 |
70,988,691.57 |
|
Other Current Assets |
160,959.48 |
362.08 |
|
|
|
|
|
Total Current Assets
|
278,118,455.07 |
212,845,271.98 |
|
|
|
|
|
Fixed Assets |
15,990,380.44 |
13,128,450.36 |
|
Other Assets |
2,209,403.71 |
2,316,767.91 |
|
Total Assets |
296,318,239.22 |
228,290,490.25 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
156,840,271.52 |
88,277,823.29 |
|
Current Portion of Financial Lease Contract Liabilities |
2,236,050.00 |
- |
|
Short-term Loan from Financial Institution |
71,386,911.40 |
71,386,911.40 |
|
Sale Department Payable |
236.47 |
- |
|
Accrued Income Tax |
941,259.10 |
871,492.72 |
|
Accrued Expenses |
27,453,955.17 |
31,929,797.17 |
|
Other Current Liabilities |
22,399.63 |
5,211.00 |
|
|
|
|
|
Total Current Liabilities |
258,881,083.29 |
192,471,235.58 |
|
Total Liabilities |
258,881,083.29 |
192,471,235.58 |
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000.00 |
12,000,000.00 |
|
|
|
|
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
|
Retained Earning-
Unappropriated |
25,437,155.93 |
23,819,254.67 |
|
Total Shareholders' Equity |
37,437,155.93 |
35,819,254.67 |
|
Total Liabilities & Shareholders' Equity |
296,318,239.22 |
228,290,490.25 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
882,286,178.72 |
625,381,701.60 |
|
Interest Income |
100,137.14 |
135,312.82 |
|
Gain on Exchange
Rate |
15,794,374.75 |
1,938,145.64 |
|
Gain on Disposal
of Assets |
336,447.60 |
3,790.86 |
|
Other Income |
1,638,093.89 |
2,617,764.51 |
|
Total Sales |
900,155,232.10 |
630,076,715.43 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
876,129,215.97 |
609,661,669.34 |
|
Selling Expenses |
8,322,843.16 |
6,975,125.46 |
|
Administrative Expenses |
8,984,312.61 |
6,385,241.61 |
|
Other Expenses |
142,774.82 |
- |
|
Total Expenses |
893,579,146.56 |
623,022,036.41 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
6,576,085.54 |
7,054,679.02 |
|
Financial Cost |
[3,111,899.37] |
[3,426,988.76] |
|
Profit before Income Tax |
3,464,186.17 |
3,627,690.26 |
|
Income Tax |
[1,846,284.91] |
[1,699,110.97] |
|
|
|
|
|
Net Profit / [Loss] |
1,617,901.26 |
1,928,579.29 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.07 |
1.11 |
|
QUICK RATIO |
TIMES |
0.66 |
0.74 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
55.18 |
47.64 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.98 |
2.74 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
44.71 |
42.50 |
|
INVENTORY TURNOVER |
TIMES |
8.16 |
8.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.42 |
57.96 |
|
RECEIVABLES TURNOVER |
TIMES |
7.86 |
6.30 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
65.34 |
52.85 |
|
CASH CONVERSION CYCLE |
DAYS |
25.79 |
47.61 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
99.30 |
97.49 |
|
SELLING & ADMINISTRATION |
% |
1.96 |
2.14 |
|
INTEREST |
% |
0.35 |
0.55 |
|
GROSS PROFIT MARGIN |
% |
2.72 |
3.26 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.75 |
1.13 |
|
NET PROFIT MARGIN |
% |
0.18 |
0.31 |
|
RETURN ON EQUITY |
% |
4.32 |
5.38 |
|
RETURN ON ASSET |
% |
0.55 |
0.84 |
|
EARNING PER SHARE |
BAHT |
13.48 |
16.07 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.87 |
0.84 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.92 |
5.37 |
|
TIME INTEREST EARNED |
TIMES |
2.11 |
2.06 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
41.08 |
|
|
OPERATING PROFIT |
% |
(6.78) |
|
|
NET PROFIT |
% |
(16.11) |
|
|
FIXED ASSETS |
% |
21.80 |
|
|
TOTAL ASSETS |
% |
29.80 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
2.72 |
Deteriorated |
Industrial
Average |
24.15 |
|
Net Profit Margin |
0.18 |
Impressive |
Industrial
Average |
(1.13) |
|
Return on Assets |
0.55 |
Deteriorated |
Industrial
Average |
1.76 |
|
Return on Equity |
4.32 |
Acceptable |
Industrial
Average |
8.39 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 2.72%. 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 0.18%,
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. When compared with the industry average,
it was lower, the company's figure is 0.55%.
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 4.32%.
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 |
1.07 |
Deteriorated |
Industrial
Average |
21.48 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
25.79 |
|
|
|
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 1.07 times in 2010, decrease from 1.11 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 0.66 times in 2010,
decrease from 0.74 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 26 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.87 |
Acceptable |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
6.92 |
Risky |
Industrial
Average |
1.80 |
|
Times Interest Earned |
2.11 |
Deteriorated |
Industrial
Average |
351.79 |
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 2.12 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 0.87 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
55.18 |
Deteriorated |
Industrial
Average |
6,735.25 |
|
Total Assets Turnover |
2.98 |
Impressive |
Industrial
Average |
2.13 |
|
Inventory Conversion Period |
44.71 |
|
|
|
|
Inventory Turnover |
8.16 |
Deteriorated |
Industrial
Average |
32.91 |
|
Receivables Conversion Period |
46.42 |
|
|
|
|
Receivables Turnover |
7.86 |
Satisfactory |
Industrial
Average |
10.18 |
|
Payables Conversion Period |
65.34 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.46 |
|
UK Pound |
1 |
Rs.86.27 |
|
Euro |
1 |
Rs.69.40 |
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.