MIRA INFORM REPORT
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Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
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Name : |
CHAISIRI COMMODITY CO., LTD. |
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Registered Office : |
575/5-6 Intarakiri Road, T. Maesod, A. Maesod, Tak 63110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.09.2004 |
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Com. Reg. No.: |
0635547000226 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Agricultural Products |
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No. of Employees : |
10 |
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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Thailand |
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 |
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
CHAISIRI
COMMODITY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 575/5-6 INTARAKIRI
ROAD, T. MAESOD,
A.
MAESOD, TAK 63110
TELEPHONE : [66] 55 531-832,
081 887-3851
FAX :
[66] 55 542-997
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0635547000226
TAX
ID NO. : 3031529595
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 70.00%
MYANMESE : 30.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. WANCHAI THONGPRADIT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : AGRICULTURAL PRODUCTS
IMPORTER 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 September 2,
2004 as a
private limited company under
the registered name
CHAISIRI COMMODITY CO.,
LTD., by Thai and
Myanmese groups, with
the business objective
to distribute various
kinds of agriculture
products to domestic
market. It currently
employs approximate 10
staff.
The
subject’s registered address
is 575/5-6 Intarakiri
Rd., T. Maesod,
A. Maesod, Tak 63110,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Wanchai Thongpradit
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Wanchai Thongpradit is
the Managing Director.
He is Thai
nationality with the
age of 63
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
agriculture products, such as
dried garlic, dried
spice, dried chili,
bean, pepper, onion
and etc.
PURCHASE
Most
of the products
are purchased from
local suppliers, the
remaining is imported
from Myanmar and
Republic of China.
SALES
100% of the
products is sold
locally by wholesale
to traders 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
The
banker’s name was not
disclosed.
EMPLOYMENT
The
subject currently employs
approximately 10 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in provincial,
in the Northern
Region.
Branch
office is located
at 447 Moo
2, T. Maedaow, A. Maesod,
Tak 63110.
COMMENT
The
subject operates as
an importer and
distributor of agricultural
products. The products
are served to
local market. Consumption of agricultural
products remains strong,
but subject’s operating
performance was slow
in the past year,
as well as
continue slowing down
in 2012 due
to there are
more supplies in
the market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
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Mr. Wanchai Thongpradit Nationality: Thai Address : 76
Soi Rangsit-Nakornnayok 55, T.
Prachatipat, A. Thanyaburi, Pathumthani
|
5,000 |
50.00 |
|
Ms. Sasinaporn Chaisawad Nationality: Thai Address : 164/1
Muangsamut Rd., T. Changmoi, A.
Muang,
Chiangmai |
2,000 |
20.00 |
|
Mr. Kyaw Tun Nationality: Myanmese Address : 978/61
Moo 5, T. Prachatipat, A.
Thanyaburi, Pathumthani |
1,500 |
15.00 |
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Mrs. Yin In Nyo Nationality: Myanmese Address : 978/61
Moo 5, T. Prachatipat, A.
Thanyaburi,
Pathumthani |
1,500 |
15.00 |
Total Shareholders : 4
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
2 |
7,000 |
70.00 |
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Foreign-Myanmese |
2 |
3,000 |
30.00 |
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Total |
4 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Nakorn Asawapratuengkul No.
6829
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
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|
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Cash and Cash Equivalents |
4,305,778.69 |
5,463,985.67 |
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Other Current Assets
|
18,307.28 |
45,514.42 |
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Total Current Assets
|
4,324,085.97 |
5,509,500.09 |
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Fixed Assets |
14,977.06 |
25,454.91 |
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Total Assets |
4,339,063.03 |
5,534,955.00 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
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Accrued Income Tax |
30,814.36 |
57,433.37 |
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Accrued Expenses |
254,474.23 |
51,654.60 |
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Total Current Liabilities |
285,288.59 |
109,087.97 |
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Total Liabilities |
285,288.59 |
109,087.97 |
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Shareholders' Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
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Retained Earning |
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Appropriated for
Statutory Reserve |
100,000.00 |
- |
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Unappropriated |
2,953,774.44 |
4,425,867.03 |
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Total Shareholders' Equity |
4,053,774.44 |
5,425,867.03 |
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Total Liabilities & Shareholders' Equity |
4,339,063.03 |
5,534,955.00 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
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Sales |
26,624,144.52 |
62,729,628.19 |
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Other Income |
343,000.00 |
660,000.00 |
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Total Revenues |
26,967,144.52 |
63,389,628.19 |
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Expenses |
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Cost of Goods
Sold |
24,317,222.18 |
59,376,561.65 |
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Administrative Expenses |
2,059,104.29 |
3,204,015.94 |
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Total Expenses |
26,376,326.47 |
62,580,577.59 |
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Profit before Income Tax |
590,818.05 |
809,050.60 |
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Income Tax |
[75,814.36] |
[132,433.37] |
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Net Profit / [Loss] |
515,003.69 |
676,617.23 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
15.16 |
50.51 |
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QUICK RATIO |
TIMES |
15.09 |
50.09 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
1,777.66 |
2,464.34 |
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TOTAL ASSETS TURNOVER |
TIMES |
6.14 |
11.33 |
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INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
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INVENTORY TURNOVER |
TIMES |
- |
- |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
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RECEIVABLES TURNOVER |
TIMES |
- |
- |
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PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
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CASH CONVERSION CYCLE |
DAYS |
- |
- |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
91.34 |
94.65 |
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SELLING & ADMINISTRATION |
% |
7.73 |
5.11 |
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INTEREST |
% |
- |
- |
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GROSS PROFIT MARGIN |
% |
9.95 |
6.40 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.22 |
1.29 |
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NET PROFIT MARGIN |
% |
1.93 |
1.08 |
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RETURN ON EQUITY |
% |
12.70 |
12.47 |
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RETURN ON ASSET |
% |
11.87 |
12.22 |
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EARNING PER SHARE |
BAHT |
51.50 |
67.66 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.07 |
0.02 |
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DEBT TO EQUITY RATIO |
TIMES |
0.07 |
0.02 |
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TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(57.56) |
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OPERATING PROFIT |
% |
(26.97) |
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NET PROFIT |
% |
(23.89) |
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FIXED ASSETS |
% |
(41.16) |
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TOTAL ASSETS |
% |
(21.61) |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
9.95 |
Impressive |
Industrial
Average |
6.47 |
|
Net Profit Margin |
1.93 |
Impressive |
Industrial
Average |
0.43 |
|
Return on Assets |
11.87 |
Impressive |
Industrial
Average |
1.42 |
|
Return on Equity |
12.70 |
Impressive |
Industrial
Average |
4.61 |
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 9.95%. 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 1.93%,
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
11.87%, 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 12.7%, 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 |
15.16 |
Impressive |
Industrial
Average |
1.25 |
|
Quick Ratio |
15.09 |
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Cash Conversion Cycle |
- |
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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 15.16 times in 2011, decreased from 50.51 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 15.09 times in 2011,
decreased from 50.09 times, although excluding inventory so the company still
have good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.07 |
Impressive |
Industrial
Average |
0.67 |
|
Debt to Equity Ratio |
0.07 |
Impressive |
Industrial
Average |
2.08 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.74 |
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 0.07 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 |
1,777.66 |
Impressive |
Industrial Average |
7.17 |
|
Total Assets Turnover |
6.14 |
Impressive |
Industrial Average |
3.36 |
|
Inventory Conversion Period |
- |
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Inventory Turnover |
- |
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Industrial Average |
6.63 |
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Receivables Conversion Period |
- |
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Receivables Turnover |
- |
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Industrial Average |
7.41 |
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Payables Conversion Period |
- |
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Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.04 |
|
|
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.