MIRA
INFORM REPORT
|
Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
INTERGOODS
CO., LTD. |
|
|
|
|
Registered Office : |
3rd
Floor, V.A.T. Building, 999/99 Rama
9 Road, Suanluang, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
04.09.1989 |
|
|
|
|
Com. Reg. No.: |
0105532082536 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer & distributor of Industrial chemicals |
|
|
|
|
No. of Employees : |
65 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 |
|
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 – 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 |
|
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
INTERGOODS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 3rd FLOOR,
V.A.T. BUILDING,
999/99 RAMA
9 ROAD, SUANLUANG,
BANGKOK 10250,
THAILAND
TELEPHONE : [662] 718-3699-717
FAX
:
[662] 718-3719
E-MAIL
ADDRESS : info@intergoods.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532082536
[Former : 8253/2532]
TAX
ID NO. : 3101740110
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUCHET LERTVIRIYASAWAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 65
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
established on September
4, 1989 as
a private limited
company under the registered
name INTERGOODS CO.,
LTD., by Thai
groups, with the
business objective to
import and distribute
wide range of
industrial chemicals for
various industries in
domestic market. It currently
employs 65 staff.
The subject is
also a subsidiary
of ALP Group.
It also achieved
the management standard
ISO 9001 : 2000 certificate, quality
systems.
The subject’s registered
address is located
at 3rd Flr., V.A.T.
Bldg., 999/99 Rama 9
Rd., Suanluang, Bangkok
10250, and this
is the same
current subject’s operation
address.
[Note : Refer to your
given name “Intergoods
Chemical Company Limited”,
please be
informed that the
correct name is
“Intergoods Co., Ltd.”]
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suchet Lertviriyasawat |
[x] |
Thai |
56 |
|
Mrs. Siriporn Lertviriyasawat |
[x] |
Thai |
52 |
|
Mrs. Natpassorn Jirananthiporn |
|
Thai |
51 |
|
Mrs. Pornprapha Kengpol |
|
Thai |
44 |
|
Mr. Taradol Promsawas |
|
Thai |
41 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign or
any two of
the rest directors
can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Suchet Lertviriyasawat is
the Managing Director.
He is Thai
nationality with the
age of 56
years old.
Mrs. Siriporn Lertviriyasawat is
the Deputy Managing Director.
She is Thai
nationality with the
age of 52
years old.
Mrs. Srisupa Jiraknantiporn is
the Finance Manager.
She is Thai
nationality.
Mr. Chusak Lertsakulyangyuen is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is an importer
distributor of industrial
chemicals for food,
textile, rubber, paper
and consumer products
industries, including pigment,
printing inks, resins,
silver grain, platinum,
powdered cellulose and
etc.
IMPORT [COUNTRIES]
95% of its
products is imported
from U.S.A., Belgium,
Japan, Taiwan, India, Germany, Sweden,
United Kingdom, France,
Australia and Republic
of China.
MAJOR SUPPLIERS
|
Name |
Country |
|
Lion Chem Ltd. |
: Japan |
|
Johnson Matthey |
: U.K. |
|
Akzo Nobel |
: Sweden |
|
SCM Chemical Inc. |
: U.S.A. |
|
UCB Chemical |
: Belgium |
|
Nitta Indley Ltd.
|
: Japan |
SALES [LOCAL]
100% of its
products is sold
locally to wholesalers,
Thai governments, manufacturers
and end-users.
MAJOR CUSTOMERS
|
Name |
Country |
|
TOA Group |
: Thailand |
|
National Petrochemicals |
: Thailand |
|
Ruam Ekaphan |
: Thailand |
|
Dainipon Ink |
: Thailand |
|
Eternal Resin |
: Thailand |
|
Hoechst Chemical |
: Thailand |
SUBSIDIARIES & AFFILIATED
COMPANIES
Chemical Plus Co., Ltd.
Business Type : Importer
of equipment &
raw material for
paint industry
ALP Visrock Co., Ltd.
Business Type : Logistics
service
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
Krung Thai Bank
Public Co., Ltd. : [Head
Office : Sukhumvit
Road]
Bangkok Bank Public Co., Ltd. :
[Ramkhamhaeng Branch]
EMPLOYMENT
The subject employs
65 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
rented for operating
office at the
heading address. Premise
is located in
commercial/residential area.
Warehouse is located
3/302 Soi Onnuch
30, Sukhumvit 77
Road, Bangkok 10250,
Tel :
[66] 2332-0000.
COMMENT
The
subject was formed
in 1989 as
an importer and
distributor of industrial
chemicals. Its products
have been used
in various industries.
Subject’s performance was related
with the condition
of local consumption,
which is likely
to expand viable
in line with
industrial improvement.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 5,000,000
on August 16,
1992
Bht. 20,000,000
on October 12,
2000
The latest registered
capital was increased
to Bht. 20,000,000
divided into 200,000
shares of Bht.
100 each with
fully paid.
LIST OF SHAREHOLDERS
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Suchet Lertviriyasawat Nationality: Thai Address : 60
Suthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok |
30,000 |
15.00 |
|
Ms. Vasunee Jaidee Nationality: Thai Address : 125
Moo 6, T. Maewaen,
A. Prao, Chiangmai |
24,000 |
12.00 |
|
Mr. Tawatchai Tantipoj Nationality: Thai Address : 65
Suthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok |
20,000 |
10.00 |
|
Ms. Nattasiri Tantipoj Nationality: Thai Address : 65
Suthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok |
20,000 |
10.00 |
|
Ms. Suvaporn Lertviriyasawat Nationality: Thai Address : 60
Suthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok |
20,000 |
10.00 |
|
Mr. Natpatchara Lertviriyasawat Nationality: Thai Address : 60 Suthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok |
20,000 |
10.00 |
|
Ms. Nattaphan Lertviriyasawat Nationality: Thai Address : 60
Suthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok |
20,000 |
10.00 |
|
Ms. Vimol Chindalertudomdee Nationality: Thai Address : 466
Sridindaeng Rd., Dindaeng,
Dindaeng, Bangkok |
16,000 |
8.00 |
|
Mr. Peeranath Tantipoj Nationality: Thai Address : 65
Suthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok |
10,000 |
5.00 |
|
Mrs. Siriporn Lertviriyasawat Nationality: Thai Address : 60
Suthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok |
10,000 |
5.00 |
|
Mrs. Jiraporn Kanjanapayap Nationality: Thai Address : 60
Suthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok |
10,000 |
5.00 |
Total Shareholders : 11
Share Structure : [as at
April 30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
11 |
2,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
11 |
2,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sukit Phanpisawart
No. 3595
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
4,708,539 |
10,071,137 |
|
Short-term Investment |
28,753,755 |
23,794,248 |
|
Trade Accounts &
Other Receivable |
92,034,600 |
94,723,909 |
|
Inventories |
49,248,196 |
43,713,559 |
|
Forward Contract Receivable |
397,759 |
- |
|
Other Current Assets
|
5,495,626 |
1,311,870 |
|
|
|
|
|
Total Current Assets
|
180,638,475 |
173,614,723 |
|
|
|
|
|
Long-term Investment |
500,000 |
500,000 |
|
Fixed Assets |
881,453 |
999,073 |
|
Other Non-current Assets |
4,260,120 |
4,307,540 |
|
Total Assets |
186,280,048 |
179,421,336 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
28,954,391 |
20,913,548 |
|
Related Company Payable |
5,974,259 |
7,393,570 |
|
Accrued Expenses |
11,639,683 |
13,375,839 |
|
Forward Contract Payable |
- |
13,876 |
|
|
|
|
|
Total Current Liabilities |
46,568,333 |
41,696,833 |
|
Total Liabilities |
46,568,333 |
41,696,833 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000 |
20,000,000 |
|
|
|
|
|
Capital Paid |
20,000,000 |
20,000,000 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
1,000,000 |
- |
|
Unappropriated |
118,711,715 |
117,724,503 |
|
Total Shareholders' Equity |
139,711,715 |
137,724,503 |
|
Total Liabilities & Shareholders' Equity |
186,280,048 |
179,421,336 |
PROFIT &
LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales |
359,120,078 |
340,103,302 |
|
Other Income |
9,052,285 |
8,397,356 |
|
Total Sales |
368,172,363 |
348,500,658 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
273,092,516 |
258,774,356 |
|
Selling Expenses |
4,179,975 |
4,689,084 |
|
Administrative Expenses |
58,307,357 |
56,747,466 |
|
Other Expenses |
758,875 |
636,842 |
|
Total Expenses |
336,338,723 |
320,847,748 |
|
|
|
|
|
Profit before Financial Expenses & Income Tax |
31,833,640 |
27,652,910 |
|
Financial Expenses |
[168,973] |
[843] |
|
|
|
|
|
Profit before Income Tax |
31,664,667 |
27,652,067 |
|
Income Tax |
[9,677,455] |
[8,815,986] |
|
Net Profit / [Loss] |
21,987,212 |
18,836,081 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.88 |
4.16 |
|
QUICK RATIO |
TIMES |
2.69 |
3.08 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
407.42 |
340.42 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.93 |
1.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
65.82 |
61.66 |
|
INVENTORY TURNOVER |
TIMES |
5.55 |
5.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
93.54 |
101.66 |
|
RECEIVABLES TURNOVER |
TIMES |
3.90 |
3.59 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.70 |
29.50 |
|
CASH CONVERSION CYCLE |
DAYS |
120.67 |
133.82 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.04 |
76.09 |
|
SELLING & ADMINISTRATION |
% |
17.40 |
18.06 |
|
INTEREST |
% |
0.05 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
26.48 |
26.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.86 |
8.13 |
|
NET PROFIT MARGIN |
% |
6.12 |
5.54 |
|
RETURN ON EQUITY |
% |
15.74 |
13.68 |
|
RETURN ON ASSET |
% |
11.80 |
10.50 |
|
EARNING PER SHARE |
BAHT |
109.94 |
94.18 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.25 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.33 |
0.30 |
|
TIME INTEREST EARNED |
TIMES |
188.39 |
32,802.98 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
5.59 |
|
|
OPERATING PROFIT |
% |
15.12 |
|
|
NET PROFIT |
% |
16.73 |
|
|
FIXED ASSETS |
% |
(11.77) |
|
|
TOTAL ASSETS |
% |
3.82 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.48 |
Impressive |
Industrial
Average |
12.07 |
|
Net Profit Margin |
6.12 |
Impressive |
Industrial
Average |
1.82 |
|
Return on Assets |
11.80 |
Impressive |
Industrial
Average |
4.28 |
|
Return on Equity |
15.74 |
Impressive |
Industrial
Average |
11.66 |
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 26.48%. 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
6.12%, 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
11.8%, 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 15.74%, 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 |
3.88 |
Impressive |
Industrial
Average |
1.50 |
|
Quick Ratio |
2.69 |
|
|
|
|
Cash Conversion Cycle |
120.67 |
|
|
|
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 3.88 times in 2011, decreased from 4.16 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 2.69 times in 2011,
decreased from 3.08 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 121 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.25 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
0.33 |
Impressive |
Industrial
Average |
1.51 |
|
Times Interest Earned |
188.39 |
Impressive |
Industrial
Average |
3.36 |
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 188.4 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 0.25 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 |
407.42 |
Impressive |
Industrial
Average |
10.00 |
|
Total Assets Turnover |
1.93 |
Satisfactory |
Industrial
Average |
2.32 |
|
Inventory Conversion Period |
65.82 |
|
|
|
|
Inventory Turnover |
5.55 |
Satisfactory |
Industrial
Average |
6.90 |
|
Receivables Conversion Period |
93.54 |
|
|
|
|
Receivables Turnover |
3.90 |
Satisfactory |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
38.70 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.60 |
|
UK Pound |
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.69.86 |
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.