MIRA
INFORM REPORT
|
Report Date : |
08.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
INTER MARITIME
FREIGHT CO., LTD. |
|
|
|
|
Registered Office : |
2ND Floor,
Monterey Place, 398/3 Soi
Paisingtoh, Rama 4
Road, Klongtoey, Bangkok 10110 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
0105530013383 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Sea Freight Forwarder |
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No. of Employees : |
4 |
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 : |
Slow but correct |
|
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
INTER
MARITIME FREIGHT CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 2nd FLOOR,
MONTEREY PLACE,
398/3 SOI
PAISINGTOH, RAMA 4
ROAD,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2259-3475-6,
2260-5514
FAX :
[66] 2663-8967
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530013383
TAX
ID NO. : 3101445725
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VICHAI MANUSMETHIKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : SEA
FREIGHT FORWARDER
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 March 19,
1987 as a
private limited company under
the registered name
INTER MARITIME FREIGHT
CO., LTD., by Thai
groups, with the
business objective to
provide sea freight
forwarding service. It
currently employs 4
staff.
The
subject’s registered address
is 398/3 Monterey
Place, Soi Paisingtoh,
Rama 4 Rd.,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Vichai Manusmethikul
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vichai Manusmethikul is
the Managing Director.
He is Thai
nationality with the
age of 55
years old.
BUSINESS OPERATIONS
The subject
is a sea
freight forwarder, providing
services of custom
broker, custom clearance,
forwarding business and
others for importer
and exporter.
PURCHASE
100%
of purchasing is
from local suppliers.
SERVICES
Services are served
to clients, mainly
importers and exporters.
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
according for the
past two years.
CREDIT
Services 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
4 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is located in
commercial/residential area.
COMMENT
The
subject maintains fair
business. However, in
2011 its service
revenue had dropped
from prior year
due to baht
appreciation and market
slowdown. This had
caused to slow service revenue.
However, overall economic
improvement would have a
better result this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000 divided
into 1,000 shares
of Bht. 100
each with fully
paid.
On October 14,
2008, the registered
capital was increased
to Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vichai Manusmethikul Nationality: Thai Address : 333/59
Moo 4, Taladbangkhen, Laksi,
Bangkok |
29,750 |
99.17 |
|
Mr. Vijarn Nawasinthorn Nationality: Thai Address : 43
Wuthakas Rd., Bangkhor,
Bangkhunthien, Bangkok
|
150 |
0.50 |
|
Mr. Surasith Wongtaradol Nationality: Thai Address : 38
Sukhumvit 20 Rd.,
Prakanong,
Prakanong, Bangkok |
100 |
0.33 |
Total Shareholders : 3
Share Structure [as
at April 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sompong Petcharat No.
2157
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
4,427.87 |
125,760.93 |
|
Trade Accounts & Other Receivable |
14,990,554.68 |
16,762,264.99 |
|
Short-term Lending |
- |
3,448,390.00 |
|
Inventories |
4,420,377.27 |
1,012,900.97 |
|
Other Current Assets
|
539,277.83 |
483,102.15 |
|
|
|
|
|
Total Current Assets
|
19,954,637.65 |
21,832,419.04 |
|
|
|
|
|
Fixed Assets |
249,150.78 |
426,991.09 |
|
Refundable Income Tax |
383,758.43 |
527,030.73 |
|
Total Assets |
20,587,546.86 |
22,786,440.86 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
3,063,729.45 |
7,501,692.39 |
|
Trade Accounts & Other Payable
|
3,406,776.30 |
756,184.17 |
|
Accrued Income Tax |
10,436.08 |
82,517.14 |
|
Other Current Liabilities |
470,523.68 |
73,696.36 |
|
|
|
|
|
Total Current Liabilities |
6,951,465.51 |
8,414,090.06 |
|
Total Liabilities |
6,951,465.51 |
8,414,090.06 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning - Unappropriated |
10,636,081.35 |
11,372,350.80 |
|
Total Shareholders' Equity |
13,636,081.35 |
14,372,350.80 |
|
Total Liabilities & Shareholders' Equity |
20,587,546.86 |
22,786,440.86 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
15,926,295.53 |
26,339,158.78 |
|
Total Revenues |
15,926,295.53 |
26,339,158.78 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
14,174,764.14 |
22,612,258.07 |
|
Selling Expenses |
1,538,000.00 |
2,044,000.00 |
|
Administrative Expenses |
370,085.92 |
389,373.87 |
|
Other Expenses |
325,407.26 |
350,253.12 |
|
Total Expenses |
16,408,257.32 |
25,395,885.06 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
[481,961.79] |
943,273.72 |
|
Financial Costs |
[243,871.58] |
[593,412.56] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
[725,833.37] |
349,861.16 |
|
Income Tax |
[10,436.08] |
[82,517.14] |
|
Net Profit / [Loss] |
[736,269.45] |
267,344.02 |
|
Retained Earning, Beginning
of Year |
11,372,350.80 |
11,105,006.78 |
|
Retained Earning, End
of Year |
10,636,081.35 |
11,372,350.80 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.87 |
2.59 |
|
QUICK RATIO |
TIMES |
2.16 |
2.42 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
63.92 |
61.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.77 |
1.16 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
113.82 |
16.35 |
|
INVENTORY TURNOVER |
TIMES |
3.21 |
22.32 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
343.55 |
232.29 |
|
RECEIVABLES TURNOVER |
TIMES |
1.06 |
1.57 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
87.72 |
12.21 |
|
CASH CONVERSION CYCLE |
DAYS |
369.65 |
236.43 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.00 |
85.85 |
|
SELLING & ADMINISTRATION |
% |
11.98 |
9.24 |
|
INTEREST |
% |
1.53 |
2.25 |
|
GROSS PROFIT MARGIN |
% |
11.00 |
14.15 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.03) |
3.58 |
|
NET PROFIT MARGIN |
% |
(4.62) |
1.02 |
|
RETURN ON EQUITY |
% |
(5.40) |
1.86 |
|
RETURN ON ASSET |
% |
(3.58) |
1.17 |
|
EARNING PER SHARE |
BAHT |
(24.54) |
8.91 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.34 |
0.37 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.51 |
0.59 |
|
TIME INTEREST EARNED |
TIMES |
(1.98) |
1.59 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(39.53) |
|
|
OPERATING PROFIT |
% |
(151.09) |
|
|
NET PROFIT |
% |
(375.40) |
|
|
FIXED ASSETS |
% |
(41.65) |
|
|
TOTAL ASSETS |
% |
(9.65) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.00 |
Impressive |
Industrial
Average |
8.30 |
|
Net Profit Margin |
(4.62) |
Deteriorated |
Industrial
Average |
0.33 |
|
Return on Assets |
(3.58) |
Deteriorated |
Industrial
Average |
1.14 |
|
Return on Equity |
(5.40) |
Deteriorated |
Industrial
Average |
3.95 |
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 11%. 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 -4.62%.
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. When compared with the
industry average, it was lower, the company's figure is -3.58%.
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 -5.4%.
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 |
2.87 |
Impressive |
Industrial
Average |
0.99 |
|
Quick Ratio |
2.16 |
|
|
|
|
Cash Conversion Cycle |
369.65 |
|
|
|
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 2.87 times in 2011, increased from 2.59 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 2.16 times in 2011,
decreased from 2.42 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 370 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.34 |
Impressive |
Industrial
Average |
0.78 |
|
Debt to Equity Ratio |
0.51 |
Impressive |
Industrial
Average |
2.79 |
|
Times Interest Earned |
(1.98) |
Risky |
Industrial
Average |
0.76 |
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 -1.98 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.34 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
63.92 |
Impressive |
Industrial Average |
7.43 |
|
Total Assets Turnover |
0.77 |
Deteriorated |
Industrial Average |
3.18 |
|
Inventory Conversion Period |
113.82 |
|
|
|
|
Inventory Turnover |
3.21 |
Deteriorated |
Industrial Average |
8.25 |
|
Receivables Conversion Period |
343.55 |
|
|
|
|
Receivables Turnover |
1.06 |
Deteriorated |
Industrial Average |
4.85 |
|
Payables Conversion Period |
87.72 |
|
|
|
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.54.25 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.