MIRA
INFORM REPORT
|
Report Date : |
06.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
KORAKOD
66 |
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Registered Office : |
7 Soi Phetkasem
32, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.01.2010 |
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Com. Reg. No.: |
0105553009722 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer, distributor and
exporter of industrial
lubricant oils |
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No. of Employees : |
08 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
KORAKOD 66 CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 7
SOI PHETKASEM 32,
PHETKASEM ROAD,
PAKKLONG PASICHAROEN,
PASICHAROEN,
BANGKOK 10160,
THAILAND
TELEPHONE : [66] 2868-5807
FAX : [66] 2868-5807
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553009722
TAX
ID NO. : 3033768121
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 : MRS. SUDJAI WUTHISAKSILP,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : INDUSTRIAL LUBRICANT
OILS
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 January 21,
2010 as a
private limited company under
the registered name
KORAKOD 66 CO.,
LTD., by Thai groups,
with the business
objective is to
import and distribute
wide range of industrial
lubricant oil to
both domestic and
oversea markets. It
currently employs 8
staff.
The
subject’s registered address
is 7 Soi Phetkasem
32, Phetkasem Rd.,
Pakklong Pasicharoen, Pasicharoen,
Bangkok 10160, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mrs. Sudjai Wuthisaksilp
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Sudjai Wuthisaksilp is
the Managing Director.
She is Thai
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject
is engaged in importing, distributing,
exporting and re-exporting
wide range of
based and finished
lubricant oils for
industrial products, such as
automotive, gear, hydraulic,
machinery and others.
PURCHASE
Most
of the products
are purchased from
local suppliers, the
remaining is imported
from Republic of
China, Taiwan and
Germany.
SALES
Most of the
products are sold
locally by wholesale
to traders and
end-users, the remaining
is exported, as
well as re-exporting
to Laos and
Myanmar.
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 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
D/A and T/T
on negotiated terms.
Exports are against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
8 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area
COMMENT
The subject is in a good position.
It usually secured long term sales agreements as its products were
essential for industrial machine
and engine. However, the higher cost of goods sold
have lower sales revenue and profit.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 100,000 shares
of Bht. 10
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Sudjai Wuthisaksilp Nationality: Thai Address : 188/5
Phetkasem Rd., Pakklong
Pasicharoen, Pasicharoen, Bangkok |
90,000 |
90.00 |
|
Mr. Suphachoke Wuthisaksilp Nationality: Thai Address : 378/1
Soi Chuaploeng, Chongnonsi,
Yananwa, Bangkok |
5,000 |
5.00 |
|
Mr. Saratoon Wuthisaksilp Nationality: Thai Address : 378/1
Soi Chuaploeng, Chongnonsi,
Yananwa, Bangkok |
5,000 |
5.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Charan Kasemsantinawin No.
9562
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
2,091,798.98 |
8,060,017.01 |
|
Inventories |
- |
3,745,310.00 |
|
Other Current Assets
|
1,566,993.83 |
756,787.15 |
|
|
|
|
|
Total Current Assets
|
3,658,792.81 |
12,562,114.16 |
|
|
|
|
|
Fixed Assets |
3,856,375.97 |
4,894,729.31 |
|
Total Assets |
7,515,168.78 |
17,456,843.47 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
1,948,143.19 |
1,640,062.45 |
|
Short-term Loan from
Person or Related Company |
1,374,000.00 |
11,114,257.00 |
|
Other Current Liabilities |
131,081.44 |
1,114,769.91 |
|
|
|
|
|
Total Current Liabilities |
3,453,224.63 |
13,869,089.36 |
|
Total Liabilities |
3,453,224.63 |
13,869,089.36 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10.00
value authorized, issued
and fully paid share
capital 100,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
3,061,944.15 |
2,587,754.11 |
|
Total Shareholders' Equity |
4,061,944.15 |
3,587,754.11 |
|
Total Liabilities & Shareholders' Equity |
7,515,168.78 |
17,456,843.47 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
Jan. 21,
2010 – Dec. 31,
2010 |
|
|
|
|
|
Sales |
38,525,903.20 |
82,110,046.07 |
|
Services Income |
2,351,500.71 |
9,170,320.70 |
|
Interest Income |
14,562.80 |
2,753.34 |
|
Gain / [Loss] on Exchange
Rate |
165,047.33 |
[462,399.06] |
|
Total Revenues |
41,057,014.04 |
90,820,721.05 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
33,943,492.00 |
74,410,604.70 |
|
Cost of Services |
1,883,632.34 |
9,307,654.63 |
|
Selling Expenses |
1,446,520.50 |
85,958.33 |
|
Administrative Expenses |
3,099,325.15 |
3,512,697.46 |
|
Total Expenses |
40,372,969.99 |
87,316,915.12 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
684,044.05 |
3,503,805.93 |
|
Financial Costs |
[29.44] |
- |
|
Income Tax |
[209,824.57] |
[916,051.82] |
|
Net Profit / [Loss] |
474,190.04 |
2,587,754.11 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.06 |
0.91 |
|
QUICK RATIO |
TIMES |
0.61 |
0.58 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.60 |
18.65 |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.44 |
5.23 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
16.33 |
|
INVENTORY TURNOVER |
TIMES |
- |
22.35 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.85 |
7.15 |
|
CASH CONVERSION CYCLE |
DAYS |
(19.85) |
9.18 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.65 |
91.72 |
|
SELLING & ADMINISTRATION |
% |
11.12 |
3.94 |
|
INTEREST |
% |
0.00 |
- |
|
GROSS PROFIT MARGIN |
% |
12.79 |
7.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.67 |
3.84 |
|
NET PROFIT MARGIN |
% |
1.16 |
2.83 |
|
RETURN ON EQUITY |
% |
11.67 |
72.13 |
|
RETURN ON ASSET |
% |
6.31 |
14.82 |
|
EARNING PER SHARE |
BAHT |
4.74 |
25.88 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.46 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.85 |
3.87 |
|
TIME INTEREST EARNED |
TIMES |
23,235.19 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(55.22) |
|
|
OPERATING PROFIT |
% |
(80.48) |
|
|
NET PROFIT |
% |
(81.68) |
|
|
FIXED ASSETS |
% |
(21.21) |
|
|
TOTAL ASSETS |
% |
(56.95) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.79 |
Impressive |
Industrial
Average |
4.16 |
|
Net Profit Margin |
1.16 |
Impressive |
Industrial
Average |
0.52 |
|
Return on Assets |
6.31 |
Impressive |
Industrial
Average |
4.63 |
|
Return on Equity |
11.67 |
Satisfactory |
Industrial
Average |
12.34 |
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 12.79%. 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 1.16%,
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
6.31%, 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 11.67%.
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 |
1.06 |
Satisfactory |
Industrial
Average |
1.40 |
|
Quick Ratio |
0.61 |
|
|
|
|
Cash Conversion Cycle |
(19.85) |
|
|
|
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 1.06 times in 2011, increased from 0.91 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 0.61 times in 2011,
increased from 0.58 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 -20 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.46 |
Impressive |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
0.85 |
Impressive |
Industrial
Average |
1.41 |
|
Times Interest Earned |
23,235.19 |
Impressive |
Industrial
Average |
2.70 |
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 23235.2 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 0.46 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 |
10.60 |
Deteriorated |
Industrial
Average |
23.90 |
|
Total Assets Turnover |
5.44 |
Acceptable |
Industrial
Average |
8.17 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
55.83 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
17.15 |
|
Payables Conversion Period |
19.85 |
|
|
|
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.54.08 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.37 |
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.