MIRA
INFORM REPORT
|
Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
A. I. P.
COMPANY LIMITED |
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Registered Office : |
77/75 Moo 12, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.04.1980 |
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Com. Reg. No.: |
0105523006971 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor of animal health
and feed products |
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No. of Employees : |
30 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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) |
|
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B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
|
Source : CIA |
Company name
A. I. P. COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 77/75
MOO 12,
BUDHAMONTHON
SAI 5
ROAD,
T. RAIKING, A. SAMPRAN,
TELEPHONE : [66] 2431-0360-2,
2811-9045-8
FAX :
[66] 2431-2493,
2431-2495
E-MAIL
ADDRESS : aip@aipthailand.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1980
REGISTRATION
NO. : 0105523006971
TAX
ID NO. : 3101158526
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT.
15,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMKIAT BANTHONSADE,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : ANIMAL HEALTH
AND FEED PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 24,
1980 as a
private limited company
under the name
style A. I. P. COMPANY
LIMITED, by Thai
groups, in order
to import and
distribute various kinds
of animal health
and feed products
to domestic market. It
currently employs approximate 30 staff.
The
subject’s registered address is
77/75 Moo 12, Factory Land 1,
Soi 8, Budhamonthon
Sai 5 Rd., T. Raiking,
A. Sampran, Nakornpathom
73210, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somkiat Banthonsade |
|
Thai |
62 |
|
Ms. Angkhana Banthonsade |
|
Thai |
33 |
|
Ms. Wanvimol Sawatesompop |
|
Thai |
63 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Somkiat Banthonsade is
the Managing Director.
He is Thai nationality
with the age
of 62 years old.
Mr. Kardbandit Kornchaiya is
the Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing animal
health and feed
products, including additive,
vitamin, veterinary, premix
and etc., as
well as electronic
equipment for livestock,
poultry, swine, aquatic
and pet farms.
MAJOR BRANDS
“STALOSAN F”, “TIMAB”,
“N-FAC 1000”, “FARVET”,
“DENKAVIT”, “SUNNY”, “DRAMINSKI”,
“STAR-YEAST”, “IH” and etc.
PURCHASE
60% of the products
is imported from
Denmark, India, Republic
of China, Taiwan, Netherlands, France,
Poland, Canada, and
Japan, the remaining
40% is purchased
from local suppliers.
MAJOR SUPPLIERS
Bio-Ag Consultants &
Distributors Inc. :
Indian Herbs Research & Supply Co.,
Ltd. :
Sunny Nutrition Technology
Co., Ltd. : Republic
of China
Denkarit Nederland BV. : Netherlands
Farvet Laboratories BV. : Netherlands
Timab : France
Draminsk : Poland
SALES
100% of the
products is sold
locally by wholesale
to dealers, manufactures
and end-users nationwide.
MAJOR CUSTOMER
Wangnamyen Dairy Co-operative
Ltd.
RELATED AND AFFILIATED
COMPANIES
Agro Thai Co.,
Ltd.
Business Type :
Manufacturer and distributor
of additive feed
products
AMP International Co.,
Ltd.
Business Type :
Importer and distributor
of food and
hospitality supplies
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
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and warehouse at
the heading address.
Premise is located
in provincial, on the
outskirts of Bangkok.
COMMENT
The subject is engaged
in importing and
distributing animal health
and feed products
to local industry.
The subject’s operating performance in
2011 was moderate.
Demand of the
products from livestock
and poultry industries
has continuously grown.
Meanwhile, its business
this year would
steadily expand in
relation to strong
consumption from domestic
market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000 divided into
500 shares of
Bht. 1,000 each.
The
capital was increased
later as following:
Bht. 1,500,000
on October
11, 1989
Bht. 10,000,000
on May
10, 1994
Bht. 15,000,000
on March
22, 2007
The
latest registered capital
was increased to
Bht. 15,000,000 divided into
15,000 shares of
Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somkiat Banthonsade Nationality: Thai Address : 77/75
Moo 12, Budhamonthon Sai
5 Rd., T.
Raiking, A. Sampran, Nakornpathom |
6,365 |
42.43 |
|
Ms. Wanvimol Sawatesompop Nationality: Thai Address : 31
Soi Chalaemnimit 5 Yaek 4,
Bangklo,
Bangkorlaem, Bangkok |
4,450 |
29.67 |
|
Ms. Angkhana Banthonsade Nationality: Thai Address : 29
Soi Chalaemnimit 5 Yaek 4,
Bangklo,
Bangkorlaem, Bangkok |
1,395 |
9.30 |
|
Ms. Manisa Banthonsade Nationality: Thai Address : 31
Soi Chalaemnimit 5 Yaek 4,
Bangklo,
Bangkorlaem, Bangkok |
1,395 |
9.30 |
|
Mr. Pongsakorn Banthonsade Nationality: Thai Address : 31
Soi Chalaemnimit 5 Yaek 4,
Bangklo,
Bangkorlaem, Bangkok |
1,395 |
9.30 |
Total Shareholders : 5
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
15,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
15,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Boonsin Thavorn No.
1059
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 and
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
15,219,021.21 |
10,788,397.20 |
|
Short-term Investment |
2,279,978.72 |
2,255,505.14 |
|
Trade Accounts and
Other Receivable |
9,970,987.67 |
9,972,060.54 |
|
Short-term Lending |
- |
6,000.00 |
|
Packaging Material |
24,272.89 |
122,143.81 |
|
Inventories |
3,792,549.03 |
5,723,638.16 |
|
Other Current Assets
|
- |
46,053.82 |
|
Total Current Assets
|
31,286,809.52 |
28,913,798.67 |
|
|
|
|
|
Fixed Assets |
9,090,262.51 |
9,337,399.59 |
|
Other Non-current Assets |
- |
69,702.70 |
|
Total Assets |
40,377,072.03 |
38,320,900.96 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts and Other Payable |
5,872,061.03 |
5,889,182.85 |
|
Current Portion of
Hire-purchase Contract Payable |
351,216.00 |
203,784.00 |
|
Short-term Loan |
- |
79,320.50 |
|
Accrued Income Tax |
523,266.81 |
1,676,721.11 |
|
Other Current Liabilities |
165,113.04 |
134,853.25 |
|
Total Current Liabilities |
6,911,656.88 |
7,983,861.71 |
|
Hire-purchase Contract Payable |
163,003.67 |
290,340.00 |
|
Total Liabilities |
7,074,660.55 |
8,274,201.71 |
|
|
|
|
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Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 15,000 shares |
15,000,000.00 |
15,000,000.00 |
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
18,302,411.48 |
15,046,699.25 |
|
Total Shareholders' Equity |
33,302,411.48 |
30,046,699.25 |
|
Total Liabilities &
Shareholders' Equity |
40,377,072.03 |
38,320,900.96 |
PROFIT & LOSS ACCOUNT
|
Sales |
2011 |
2010 |
|
|
|
|
|
Sales |
53,893,919.10 |
51,101,826.55 |
|
Other Income |
1,121,043.25 |
875,433.47 |
|
Total Sales s |
55,014,962.35 |
51,977,260.02 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
30,204,687.96 |
26,673,031.10 |
|
Selling Expenses |
10,566,569.25 |
9,476,311.95 |
|
Administrative Expenses |
9,317,566.57 |
8,317,655.18 |
|
Other Expenses |
765.73 |
- |
|
Total Expenses |
50,089,589.51 |
44,466,998.23 |
|
Profit / [Loss] before Financial
Cost & Income Tax |
4,925,372.84 |
7,510,261.79 |
|
Financial Cost |
[215,047.32] |
[98,043.38] |
|
Profit / [Loss] before
Income Tax |
4,710,325.52 |
7,412,218.41 |
|
Income Tax |
[1,454,613.29] |
[2,251,160.09] |
|
Net Profit / [Loss] |
3,255,712.23 |
5,161,058.32 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
4.53 |
3.62 |
|
QUICK RATIO |
TIMES |
3.98 |
2.90 |
|
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|
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|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.93 |
5.47 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.33 |
1.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
45.83 |
78.32 |
|
INVENTORY TURNOVER |
TIMES |
7.96 |
4.66 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.53 |
71.23 |
|
RECEIVABLES TURNOVER |
TIMES |
5.41 |
5.12 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
70.96 |
80.59 |
|
CASH CONVERSION CYCLE |
DAYS |
42.40 |
68.96 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
56.04 |
52.20 |
|
SELLING & ADMINISTRATION |
% |
36.89 |
34.82 |
|
INTEREST |
% |
0.40 |
0.19 |
|
GROSS PROFIT MARGIN |
% |
46.04 |
49.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.14 |
14.70 |
|
NET PROFIT MARGIN |
% |
6.04 |
10.10 |
|
RETURN ON EQUITY |
% |
9.78 |
17.18 |
|
RETURN ON ASSET |
% |
8.06 |
13.47 |
|
EARNING PER SHARE |
BAHT |
217.05 |
344.07 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.18 |
0.22 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.21 |
0.28 |
|
TIME INTEREST EARNED |
TIMES |
22.90 |
76.60 |
|
|
|
|
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|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
5.46 |
|
|
OPERATING PROFIT |
% |
(34.42) |
|
|
NET PROFIT |
% |
(36.92) |
|
|
FIXED ASSETS |
% |
(2.65) |
|
|
TOTAL ASSETS |
% |
5.37 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
46.04 |
Impressive |
Industrial Average |
9.50 |
|
Net Profit Margin |
6.04 |
Impressive |
Industrial Average |
1.60 |
|
Return on Assets |
8.06 |
Impressive |
Industrial Average |
6.46 |
|
Return on Equity |
9.78 |
Acceptable |
Industrial Average |
19.10 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales s after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 46.04%. 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. Net Profit Margin ratio is 6.04%,
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 8.06%, 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 9.78%.
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 |
4.53 |
Impressive |
Industrial Average |
1.55 |
|
Quick Ratio |
3.98 |
|
|
|
|
Cash Conversion Cycle |
42.40 |
|
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|
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 4.53 times in 2011, increase from 3.62 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 3.98 times in 2011,
increase from 2.9 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 43 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.18 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.21 |
Impressive |
Industrial Average |
1.45 |
|
Times Interest Earned |
22.90 |
Impressive |
Industrial Average |
2.97 |
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 22.91 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 0.18 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 |
5.93 |
Deteriorated |
Industrial Average |
16.99 |
|
Total Assets Turnover |
1.33 |
Deteriorated |
Industrial Average |
4.05 |
|
Inventory Conversion Period |
45.83 |
|
|
|
|
Inventory Turnover |
7.96 |
Acceptable |
Industrial Average |
14.32 |
|
Receivables Conversion Period |
67.53 |
|
|
|
|
Receivables Turnover |
5.41 |
Satisfactory |
Industrial Average |
6.80 |
|
Payables Conversion Period |
70.96 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
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.