MIRA
INFORM REPORT
|
Report Date : |
28.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
TAWEERATANA
MONGKOL CO., LTD. |
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Registered Office : |
12/71 Moo 6,
Soi Shinnakhet 1/34, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.08.1994 |
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Com. Reg. No.: |
0105537092394 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, bidder and distributor of train and railway system |
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No. of Employees : |
10 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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
TAWEERATANA MONGKOL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 12/71
MOO 6, SOI
SHINNAKHET 1/34,
PRACHACHUEN ROAD,
THUNGSONGHONG,
LAKSI, BANGKOK
10210, THAILAND
TELEPHONE : [66] 2588-2618
FAX :
[66] 2954-9788
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537092394
TAX
ID NO. : 3011458082
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. VARAJIT LEEPHAISOMBOON, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : TRAIN
AND RAILWAY SYSTEM
IMPORTER, BIDDER
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 August 9,
1994 as a
private limited company
under the originally
registered name “Thong
Phonsup Co., Ltd.” by Thai groups. On
October 12, 2005,
its registered name
was changed to
TAWEERATANA MONGKOL CO., LTD.
Its business objective
is to import
and distribute train
and railway system
to Thailand state
enterprise. It currently
employs 10 staff.
The
subject’s registered address
is 12/71 Moo 6, Soi Shinnakhet 1/34, Prachachuen
Rd., Thungsonghong, Laksi,
Bangkok 10210, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mrs. Varajit Leephaisomboon
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Varajit Leephaisomboon is
the Managing Director.
She is Thai
nationality with the
age of 69
years old.
Mr. Pichet Prayoonthong is
the Assistant Managing
Director.
He is Thai
nationality.
Mr. Pipat Prayoonthong is
the Assistant Managing
Director.
He is Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing, bidding and
distributing of train
and railway system
including engines, equipment
and parts.
PURCHASE
Most
of the products
are imported from
India, Germany, Republic
of China, U.K.,
and Japan, the
remaining is purchased
from local suppliers
and agents.
SALES
100% of the
products is sold
and serviced locally to
state enterprise.
MAJOR CUSTOMER
State Railway of
Thailand
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 30-60-90 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.
EMPLOYMENT
The
subject currently employs approximately
10 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
subject is engaged
in bidding and
distributing train parts
and equipment to
State Railway of
Thailand. 100% of
the products is
supplied to State
Enterprise. The subject’s
revenues sale is
not certain. Sales
are depending on
bidding project, however,
the subject reported
a good business
in 2011 and
remains optimistic in
2012.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 2,000,000
on September 24,
2007
Bht. 5,000,000
on June 20,
2008
The
latest registered capital
was increased 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,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pichet Prayoonthong Nationality: Thai Address : 424/62
Moo 6, Thungsonghong, Laksi,
Bangkok |
30,000 |
60.00 |
|
Ms. Chantima Prayoonthong Nationality: Thai Address : 424/62
Moo 6, Thungsonghong, Laksi,
Bangkok |
10,000 |
20.00 |
|
Mr. Pipat Prayoonthong Nationality: Thai Address : 102/4
Moo 11, Sapansung,
Sapansung, Bangkok |
8,400 |
16.80 |
|
Mrs. Varajit Leephaisomboon Nationality: Thai Address : 424/62
Moo 6, Thungsonghong, Laksi,
Bangkok |
1,000 |
2.00 |
|
Mr. Pichai Prayoonthong Nationality: Thai Address : 12/71
Moo 6, Thungsonghong, Laksi,
Bangkok |
400 |
0.80 |
|
Ms. Amornrat Leephaisomboon Nationality: Thai Address : 38/1
Soi Pipattanawest 8,
Prakanong,
Wattana, Bangkok |
100 |
0.20 |
|
Mrs. Nattiya Prayoonthong Nationality: Thai Address : 102/4
Moo 11, Sapansung,
Sapansung, Bangkok |
100 |
0.20 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
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. Pornthip Khaoreang No.
5474
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
224,237.23 |
43,729.88 |
|
Trade Accounts &
Other Receivable |
44,984,813.32 |
44,464,585.33 |
|
Inventories |
900,218.30 |
5,341,222.31 |
|
Other Current Assets
|
173,691.20 |
417,183.25 |
|
|
|
|
|
Total Current Assets
|
46,282,960.05 |
50,266,720.77 |
|
|
|
|
|
Fixed Assets |
1,891,977.02 |
1,993,424.55 |
|
Total Assets |
48,174,937.07 |
52,260,145.32 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institution |
5,173,525.45 |
7,022,573.82 |
|
Trade Accounts & Other
Payable |
18,126,185.16 |
13,595,894.24 |
|
Current Portion of Long-term
Liabilities |
29,424.23 |
493,051.82 |
|
Short-term Loan |
- |
12,100,000.00 |
|
Accrued Income Tax |
693,495.18 |
227,786.59 |
|
Other Current Liabilities |
236,513.37 |
671,737.41 |
|
|
|
|
|
Total Current Liabilities |
24,259,143.39 |
34,111,043.88 |
|
|
|
|
|
Long-term Loan |
- |
29,424.21 |
|
Total Liabilities |
24,259,143.39 |
34,140,468.09 |
|
|
|
|
|
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 - Unappropriated |
18,915,793.68 |
13,119,677.23 |
|
Total Shareholders' Equity |
23,915,793.68 |
18,119,677.23 |
|
Total Liabilities & Shareholders' Equity |
48,174,937.07 |
52,260,145.32 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales |
146,625,684.73 |
78,298,635.50 |
|
Other Income |
355,139.19 |
174,083.96 |
|
Total Sales |
146,980,823.92 |
78,472,719.46 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
118,310,835.18 |
64,742,968.05 |
|
Selling Expenses |
10,560,037.34 |
3,303,088.48 |
|
Administrative Expenses |
7,996,615.72 |
6,087,266.24 |
|
Other Expenses |
874,861.56 |
- |
|
Total Expenses |
137,742,349.80 |
74,133,322.77 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
9,238,474.12 |
4,339,396.69 |
|
Financial Costs |
[1,248,402.91] |
[589,661.77] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
7,990,071.21 |
3,749,734.92 |
|
Income Tax |
[2,193,954.76] |
[962,853.26] |
|
Net Profit / [Loss] |
5,796,116.45 |
2,786,881.66 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.91 |
1.47 |
|
QUICK RATIO |
TIMES |
1.86 |
1.30 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
77.50 |
39.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.04 |
1.50 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
2.78 |
30.11 |
|
INVENTORY TURNOVER |
TIMES |
131.42 |
12.12 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
111.98 |
207.28 |
|
RECEIVABLES TURNOVER |
TIMES |
3.26 |
1.76 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
55.92 |
76.65 |
|
CASH CONVERSION CYCLE |
DAYS |
58.84 |
160.74 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.69 |
82.69 |
|
SELLING & ADMINISTRATION |
% |
12.66 |
11.99 |
|
INTEREST |
% |
0.85 |
0.75 |
|
GROSS PROFIT MARGIN |
% |
19.55 |
17.54 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.30 |
5.54 |
|
NET PROFIT MARGIN |
% |
3.95 |
3.56 |
|
RETURN ON EQUITY |
% |
24.24 |
15.38 |
|
RETURN ON ASSET |
% |
12.03 |
5.33 |
|
EARNING PER SHARE |
BAHT |
115.92 |
55.74 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.50 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.01 |
1.88 |
|
TIME INTEREST EARNED |
TIMES |
7.40 |
7.36 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
87.26 |
|
|
OPERATING PROFIT |
% |
112.90 |
|
|
NET PROFIT |
% |
107.98 |
|
|
FIXED ASSETS |
% |
(5.09) |
|
|
TOTAL ASSETS |
% |
(7.82) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.55 |
Impressive |
Industrial
Average |
13.85 |
|
Net Profit Margin |
3.95 |
Acceptable |
Industrial
Average |
6.07 |
|
Return on Assets |
12.03 |
Impressive |
Industrial
Average |
8.06 |
|
Return on Equity |
24.24 |
Impressive |
Industrial
Average |
12.81 |
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 19.55%. 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 3.95%.
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. Return on Assets ratio is
12.03%, 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 24.24%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.91 |
Impressive |
Industrial
Average |
1.69 |
|
Quick Ratio |
1.86 |
|
|
|
|
Cash Conversion Cycle |
58.84 |
|
|
|
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 1.91 times in 2011, increased from 1.47 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 1.86 times in 2011,
increased from 1.3 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 59 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.50 |
Acceptable |
Industrial
Average |
0.37 |
|
Debt to Equity Ratio |
1.01 |
Risky |
Industrial
Average |
0.59 |
|
Times Interest Earned |
7.40 |
Deteriorated |
Industrial
Average |
17.56 |
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 7.41 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 0.5, most of the company's assets are
financed through debt.
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 |
77.50 |
Impressive |
Industrial
Average |
2.89 |
|
Total Assets Turnover |
3.04 |
Impressive |
Industrial
Average |
1.28 |
|
Inventory Conversion Period |
2.78 |
|
|
|
|
Inventory Turnover |
131.42 |
Impressive |
Industrial
Average |
8.17 |
|
Receivables Conversion Period |
111.98 |
|
|
|
|
Receivables Turnover |
3.26 |
Acceptable |
Industrial
Average |
5.56 |
|
Payables Conversion Period |
55.92 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
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.