MIRA INFORM REPORT
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Report Date : |
03.10.2012 |
IDENTIFICATION DETAILS
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Name : |
TUNG NUM SENG LEE LIMITED PARTNERSHIP |
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Registered Office : |
669-671 Trok Vanich
2, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.04.1973 |
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Com. Reg. No.: |
0103516011652 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Distributor of Automotive Parts and Accessories |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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B1 |
B1 |
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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
TUNG
NUM SENG LEE
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 669-671 TROK
VANICH 2,
TALADNOI, SAMPHANTAWONG,
TELEPHONE : [66] 2235-8180
FAX :
[66] 2237-6522
E-MAIL
ADDRESS : tnsl_bkk@yahoo.com
tnslbkk@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION
NO. : 0103516011652 [Former : 1185/2516]
TAX
ID NO. : 3102154954
CAPITAL REGISTERED : BHT. 1,500,000
CAPITAL PAID-UP : BHT.
1,500,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. SOMCHAI DAMRONGPUTTHANONT, THAI
MANAGING PARTNER
NO.
OF STAFF : 2
LINES
OF BUSINESS : AUTOMOTIVE PARTS
AND ACCESSORIES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 17,
1973 as a
limited partnership under
the name style TUNG
NUM SENG LEE
LIMITED PARTNERSHIP, by
Thai partners, the
Damrongputthanont family, in
order to distribute
various kinds of
auto parts and
accessories to domestic
market. It currently
employs 2 staff.
The
subject’s registered address
is 669-671 Trok
Vanich 2, Songwad
Rd., Taladnoi, Samphantawong, Bangkok
10100, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Somchai
Damrongputthanont can sign
on behalf of
the subject with
seal affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Somchai Damrongputthanont is
the Managing Partner.
He is Thai
nationality with the
age of 55
years old.
BUSINESS OPERATIONS
The subject
is engaged in importing
and distributing various
kinds of automobile clutch and
brake systems, such
as clutch disc,
brake lining, brake
shoe, brake disc,
wheel cylinder, as
well as auto
accessories i.e. windscreen
wiper, inside rear-view
mirror and rear
window, left-hand wing
mirror, headlight, steering
wheel, clutch buttons,
clutch facing and etc.
PURCHASE
90% of the
products is purchased
from local suppliers
and agents, the
remaining 10% is
imported from Germany,
Austria, Republic of
China and Japan.
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
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 credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 2
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and shop at the heading
address. Premise is
located in commercial
area.
COMMENT
The subject
operates small automobile
spare parts shop.
Its sales performance
is relatively slow,
while the market
competitive is strong.
Its business in
2012 remains still.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,500,000 which was
carried by 3
persons as followed:
Name Age Amount
Mrs. Phongsri Damrongputthanont [78] Bht. 700,000
Ms. Wanna
Damrongputthanont [51] Bht.
400,000
Mr. Somchai
Damrongputthanont [55] Bht.
400,000 [unlimited partner]
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Rosana Sangsunthorn No.
6392
Note:
Please be informed
that the half-year
2012 balance sheet
was not available.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
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Current Assets |
2011 |
2010 |
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Cash and Cash Equivalents |
185,671.84 |
67,935.90 |
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Inventories |
491,835.00 |
498,785.00 |
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Other Current Assets
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26,000.00 |
26,750.00 |
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Total Current Assets
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703,506.84 |
593,470.90 |
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Long-term Lending to Person or Related
Company |
2,600,000.00 |
2,600,000.00 |
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Fixed Assets |
7.00 |
7.00 |
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Total Assets |
3,303,513.84 |
3,193,477.90 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current
Liabilities |
2011 |
2010 |
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Trade Accounts Payable |
204,772.42 |
119,063.00 |
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Accrued Expenses |
5,000.00 |
5,000.00 |
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Other Current Liabilities |
3,312.50 |
7,283.50 |
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Total Current Liabilities |
213,084.92 |
131,346.50 |
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Total Liabilities |
213,084.92 |
131,346.50 |
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Shareholders' Equity |
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Capital Paid |
1,500,000.00 |
1,500,000.00 |
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Retained Earning -
Unappropriated |
1,590,428.92 |
1,562,131.40 |
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Total Shareholders' Equity |
3,090,428.92 |
3,062,131.40 |
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Total Liabilities & Shareholders' Equity |
3,303,513.84 |
3,193,477.90 |
PROFIT & LOSS
ACCOUNT
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Revenue |
2011 |
2010 |
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Sales |
1,249,592.00 |
1,304,985.00 |
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Other Income |
26,000.00 |
161,129.01 |
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Total Revenues |
1,275,592.00 |
1,466,114.01 |
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Expenses |
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Cost of Goods
Sold |
845,215.49 |
835,051.28 |
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Administrative Expenses |
402,078.99 |
539,041.33 |
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Total Expenses |
1,247,294.48 |
1,374,092.61 |
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Profit / [Loss] Before Finance
Cost |
28,297.52 |
92,021.40 |
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Finance Costs |
- |
[2,700.00] |
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Net Profit / [Loss] |
28,297.52 |
89,321.40 |
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Retained Earning, Beginning
of Year |
1,562,131.40 |
1,472,810.00 |
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Retained Earning, End
of Year |
1,590,428.92 |
1,562,131.40 |
FINANCIAL ANALYSIS
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ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
3.30 |
4.52 |
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QUICK RATIO |
TIMES |
0.87 |
0.52 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
178,513.14 |
186,426.43 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.38 |
0.41 |
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INVENTORY CONVERSION PERIOD |
DAYS |
212.40 |
218.02 |
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INVENTORY TURNOVER |
TIMES |
1.72 |
1.67 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
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RECEIVABLES TURNOVER |
TIMES |
- |
- |
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PAYABLES CONVERSION PERIOD |
DAYS |
88.43 |
52.04 |
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CASH CONVERSION CYCLE |
DAYS |
123.97 |
165.98 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
67.64 |
63.99 |
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SELLING & ADMINISTRATION |
% |
32.18 |
41.31 |
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INTEREST |
% |
- |
0.21 |
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GROSS PROFIT MARGIN |
% |
34.44 |
48.36 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.26 |
7.05 |
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NET PROFIT MARGIN |
% |
2.26 |
6.84 |
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RETURN ON EQUITY |
% |
0.92 |
2.92 |
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RETURN ON ASSET |
% |
0.86 |
2.80 |
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EARNING PER SHARE |
BAHT |
1.89 |
5.95 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.06 |
0.04 |
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DEBT TO EQUITY RATIO |
TIMES |
0.07 |
0.04 |
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TIME INTEREST EARNED |
TIMES |
- |
34.08 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(4.24) |
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OPERATING PROFIT |
% |
(69.25) |
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NET PROFIT |
% |
(68.32) |
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FIXED ASSETS |
% |
- |
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TOTAL ASSETS |
% |
3.45 |
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PROFITABILITY
RATIO
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Gross Profit Margin |
34.44 |
Impressive |
Industrial
Average |
12.76 |
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Net Profit Margin |
2.26 |
Impressive |
Industrial
Average |
1.77 |
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Return on Assets |
0.86 |
Deteriorated |
Industrial
Average |
3.31 |
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Return on Equity |
0.92 |
Deteriorated |
Industrial
Average |
8.52 |
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 34.44%. 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 2.26%, 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. When compared with the
industry average, it was lower, the company's figure is 0.86%.
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 0.92%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
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Current Ratio |
3.30 |
Impressive |
Industrial
Average |
1.79 |
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Quick Ratio |
0.87 |
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Cash Conversion Cycle |
123.97 |
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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 3.3 times in 2011, decreased from 4.52 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 0.87 times in 2011,
increased from 0.52 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 124 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
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Debt Ratio |
0.06 |
Impressive |
Industrial
Average |
0.60 |
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Debt to Equity Ratio |
0.07 |
Impressive |
Industrial
Average |
1.50 |
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Times Interest Earned |
- |
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Industrial
Average |
2.55 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.06 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
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Fixed Assets Turnover |
178,513.14 |
Impressive |
Industrial
Average |
7.96 |
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Total Assets Turnover |
0.38 |
Deteriorated |
Industrial
Average |
1.89 |
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Inventory Conversion Period |
212.40 |
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Inventory Turnover |
1.72 |
Deteriorated |
Industrial
Average |
3.45 |
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Receivables Conversion Period |
- |
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Receivables Turnover |
- |
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Industrial
Average |
5.45 |
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Payables Conversion Period |
88.43 |
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Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.78 |
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1 |
Rs.85.16 |
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Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.