MIRA
INFORM REPORT
|
Report Date : |
15.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
HUASIANG
COMPANY LIMITED |
|
|
|
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Registered Office : |
611/5
Trok Watchannai, Bangklo, Bangkorlaem, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.03.1979 |
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Com. Reg. No.: |
0105522006136 [Former :
616/2522] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
importer
and distributor of pigment
and textile chemicals |
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No. of Employees : |
11 |
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 |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
HUASIANG COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 611/5
TROK WATCHANNAI, BANGKLO,
BANGKORLAEM, BANGKOK
10120
TELEPHONE : [66] 2291-0770-1,
2289-5052
FAX :
[66] 2291-0773
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION
NO. : 0105522006136 [Former
: 616/2522]
TAX
ID NO. : 3101136401
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
JARIYA FONG-AMORNKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 11
LINES
OF BUSINESS : PIGMENT AND
TEXTILE CHEMICALS
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 March 26,
1979 as a
private limited company under
the name style HUASIANG COMPANY
LIMITED by Thai groups, with the business objective
to import and
distribute pigment and
textile chemicals for
local textile industry.
It currently employs
11 staff.
The
subject’s registered address
was initially located
at 611/5 Soi Raj-uthis 2, Pradoo 1 Rd., Bangklo, Bangkorlaem, Bangkok
10120.
Later,
its registered address
has been changed
to 611/5 Trok Watchannai, Bangklo, Bangkorlaem,
Bangkok 10120, by the Bangkorlaem District Office,
and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Jariya
Fong-amornkul |
|
Thai |
59 |
|
Mr. Surachai
Fong-amornkul |
|
Thai |
55 |
|
Mr. Varayuth
Thamakorn |
|
Thai |
61 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Jariya
Fong-amornkul is
the Managing Director.
She is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of pigment
and dyed chemicals
for textile industry.
PURCHASE
Most of the
products are imported
from India and
Poland, the remaining
is purchased from
local supplier.
SALES
100% of the
products is sold
locally to manufacturers
and end-users.
RELATED AND AFFILIATED
COMPANY
Fong - Amorn
Co., Ltd.
Business Type :
Importer and distributor
of industrial chemicals.
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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 11
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse
is located at
611/48 Trok Watchannai, Bangklo, Bangkorlaem, Bangkok
10120.
COMMENT
Subject
is an importer
and distributor of
pigment and chemicals. The products
have been served to textile
industry. Subject reported
moderate sales in 2010, as
well as disclose 2011 sales revenue on
par with the previous
year.
It is
estimated that the
trend of domestic textile
industry would continue growing
in 2012.
FINANCIAL INFORMATION
The capital
was initially registered at Bht. 1,000,000 divided
into 10,000 shares of Bht. 100 each.
On
December 14, 1994,
the capital was
increased to Bht. 8,000,000
divided into 80,000
shares of Bht. 100
each.
On
December 2, 2002,
the capital was
decreased to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Jariya
Fong-amornkul Nationality: Thai Address : 611/5
Trok Watchannai., Bangklo, Bangkorlaem,
Bangkok |
22,000 |
44.00 |
|
Mr. Varayuth
Thamakorn Nationality: Thai Address : 819/45
Bangpongpang, Yannawa, Bangkok |
10,000 |
20.00 |
|
Mr. Surachai
Fong-amornkul Nationality: Thai Address : 321/4 Trok Tonpho, Bangkorlaem,
Bangkok |
9,500 |
19.00 |
|
Mrs. Tassanee Chusroypin Nationality: Thai Address : 55 Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
5,000 |
10.00 |
|
Mrs. Chuanpis Vorachart Nationality: Thai Address : 321/4 Trok Tonpho, Bangkorlaem,
Bangkok |
2,500 |
5.00 |
|
Mrs. Chanida Fong-amornkul Nationality: Thai Address : 321/4 Trok Tonpho, Bangkorlaem,
Bangkok |
500 |
1.00 |
|
Mr. Surasak
Fong-amornkul Nationality: Thai Address : 141/65
Moo 6, Samaedam, Bangkhunthien, Bangkok |
500 |
1.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Araya Mahavanich No.
4995
Note
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
56,379.71 |
23,049.21 |
|
Cash at Bank
under Commitment |
2,506,271.99 |
2,488,361.52 |
|
Trade Accounts Receivable
|
6,963,290.58 |
5,330,336.82 |
|
Inventories |
4,851,014.18 |
6,023,095.27 |
|
Other Current Assets
|
18,242.91 |
21,246.73 |
|
Total Current Assets
|
14,395,199.37 |
13,886,089.55 |
|
|
|
|
|
Fixed Assets |
460,984.53 |
731,683.46 |
|
Intangible Assets |
1.00 |
1.00 |
|
Other Assets |
13,600.50 |
13,600.50 |
|
Total Assets |
14,869,785.40 |
14,631,374.51 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
- |
93,026.53 |
|
Trade Accounts Payable |
435,451.48 |
200,496.60 |
|
Other Current Liabilities |
706,107.40 |
773,515.31 |
|
Total Current Liabilities |
1,141,558.88 |
1,067,038.44 |
|
Total Liabilities |
1,141,558.88 |
1,067,038.44 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Appropriated - Statutory
Reserve |
500,000.00 |
500,000.00 |
|
Unappropriated |
8,228,226.52 |
8,064,336.07 |
|
Total Shareholders' Equity |
13,728,226.52 |
13,564,336.07 |
|
Total Liabilities &
Shareholders' Equity |
14,869,785.40 |
14,631,374.51 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
25,004,603.87 |
25,070,487.00 |
|
Other Income |
184,279.21 |
84,246.35 |
|
Total Sales |
25,188,883.08 |
25,154,733.35 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
18,224,931.24 |
18,144,404.18 |
|
Selling Expenses |
1,703,200.00 |
1,846,271.00 |
|
Administrative Expenses |
3,818,855.17 |
3,539,506.03 |
|
Total Expenses |
23,746,986.41 |
23,530,181.21 |
|
Profit / [Loss] before Financial Cost & Income Tax |
1,441,896.70 |
1,624,552.14 |
|
Financial Cost |
[32,446.57] |
[18,580,16] |
|
Profit / [Loss] before Income
Tax |
1,409,450.13 |
1,605,971.98 |
|
Income Tax |
[245,559.68] |
[300,428.33] |
|
Net Profit / [Loss] |
1,163,890.70 |
1,305,543.65 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
12.61 |
13.01 |
|
QUICK RATIO |
TIMES |
8.34 |
7.35 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
54.24 |
34.26 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.68 |
1.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
97.15 |
121.16 |
|
INVENTORY TURNOVER |
TIMES |
3.76 |
3.01 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
101.65 |
77.60 |
|
RECEIVABLES TURNOVER |
TIMES |
3.59 |
4.70 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.72 |
4.03 |
|
CASH CONVERSION CYCLE |
DAYS |
190.08 |
194.73 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
72.89 |
72.37 |
|
SELLING & ADMINISTRATION |
% |
22.08 |
21.48 |
|
INTEREST |
% |
0.13 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
27.85 |
27.96 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.77 |
6.48 |
|
NET PROFIT MARGIN |
% |
4.65 |
5.21 |
|
RETURN ON EQUITY |
% |
8.48 |
9.62 |
|
RETURN ON ASSET |
% |
7.83 |
8.92 |
|
EARNING PER SHARE |
BAHT |
23.28 |
26.11 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.08 |
0.07 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.08 |
0.08 |
|
TIME INTEREST EARNED |
TIMES |
44.44 |
87.43 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(0.26) |
|
|
OPERATING PROFIT |
% |
(11.24) |
|
|
NET PROFIT |
% |
(10.85) |
|
|
FIXED ASSETS |
% |
(37.00) |
|
|
TOTAL ASSETS |
% |
1.63 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
27.85 |
Impressive |
Industrial
Average |
11.76 |
|
Net Profit Margin |
4.65 |
Impressive |
Industrial
Average |
1.93 |
|
Return on Assets |
7.83 |
Impressive |
Industrial
Average |
4.69 |
|
Return on Equity |
8.48 |
Acceptable |
Industrial
Average |
13.38 |
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 27.85%. 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 4.65%, 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
7.83%, 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 8.48%.
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 |
12.61 |
Impressive |
Industrial
Average |
1.47 |
|
Quick Ratio |
8.34 |
|
|
|
|
Cash Conversion Cycle |
190.08 |
|
|
|
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 12.61 times in 2010, decreased from 13.01 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 8.34 times in 2010,
increased from 7.35 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 191 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.08 |
Impressive |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
0.08 |
Impressive |
Industrial
Average |
1.70 |
|
Times Interest Earned |
44.44 |
Impressive |
Industrial
Average |
3.51 |
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 44.44 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 0.08 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 |
54.24 |
Impressive |
Industrial
Average |
10.60 |
|
Total Assets Turnover |
1.68 |
Acceptable |
Industrial
Average |
2.43 |
|
Inventory Conversion Period |
97.15 |
|
|
|
|
Inventory Turnover |
3.76 |
Acceptable |
Industrial
Average |
7.33 |
|
Receivables Conversion Period |
101.65 |
|
|
|
|
Receivables Turnover |
3.59 |
Satisfactory |
Industrial
Average |
4.40 |
|
Payables Conversion Period |
8.72 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.71 |
|
UK Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.69.23 |
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.