MIRA INFORM REPORT
|
Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SENATOR INTERNATIONAL LOGISTICS LTD. |
|
|
|
|
Registered Office : |
2nd Floor, Permpoom Building,32 Soi Sukhumvit 87, Sukhumvit Road, Bangchak, Prakanong, Bangkok 10260 |
|
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2007 |
|
|
|
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Com. Reg. No.: |
0105550122714 |
|
|
|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
International Air/Sea
Freight Forwarder |
|
|
|
|
No. of Employees : |
18 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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
SENATOR INTERNATIONAL LOGISTICS LTD.
SUMMARY
BUSINESS
ADDRESS : 2nd FLOOR,
PERMPOOM BUILDING,
32
SOI SUKHUMVIT 87,
SUKHUMVIT ROAD, BANGCHAK,
PRAKANONG,
BANGKOK
10260
TELEPHONE : [66] 2311-4408
FAX :
[66] 2311-4409
E-MAIL
ADDRESS : bangkok@senator-international.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550122714
TAX
ID NO. : -
CAPITAL REGISTERED : BHT. 18,000,000
CAPITAL PAID-UP : BHT.
18,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
GERMAN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.. RALF SCHNEIDER,
GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 18
LINES
OF BUSINESS : INTERNATIONAL AIR/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 November 22,
2007 as a
private limited company under the name style
SENATOR INTERNATIONAL LOGISTICS LTD.
by Thai and German groups,
in order to
provide freight forwarding
service in Thailand. It
currently employs 18
staff. Subject is
a joint venture
between Senator International
Spedition GmbH, the
German company and
Hermes International Ltd.,
the Thai company.
The
subject’s registered address
is on 2nd Floor,
Permpoon Building, 32
Soi Sukhumvit 87,
Sukhumvit Rd., Bangchak,
Prakanong, Bangkok 10260,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Uwe Kirschbaum |
|
German |
68 |
|
Mr. Ralf Schneider |
|
German |
40 |
|
Mr. Tim Oliver Kirschbaum |
|
German |
43 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Ralf Schneider is
the Managing Director.
He is German
nationality with the
age of 40
years old.
Ms. Vilai Ingsuk is
the Finance Manager.
She is Thai
nationality.
Mr. Cheeraphan Cheepchol is
the Chief of
Air Freight.
He is Thai
nationality.
Mr. Thosaporn Chanintravanich is
the Chief of
Ocean Freight.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
a service provider of
international air/sea freight
forwarding agent. Range
of services are logistics, transportation, customs
clearance, import-export and
etc. The services
are served to
importer, exporter, manufacturers
and others both
local and overseas
in Asian and
European countries.
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
credit term of
30 days.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 18
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject was formed
in 2007 as
an agent for
international air/sea forwarding
services. Since starting
its activity in
2008, the subject reported moderate
income and continued
expanding steadily, while
current market outlook
is promising.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100 each.
The
capital was increased
later as follows:
Bht. 7,000,000
on August 19,
2008
Bht. 18,000,000
on July 14,
2009
The
latest registered capital
was increased to
Bht. 18,000,000 divided into
180,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Hermes International Ltd. Nationality: Thai Address : 32
Soi Sukhumvit 87,
Sukhumvit Rd.,
Bangchak, Prakanong, Bangkok |
91,800 |
51.00 |
|
Senator International Spedition
GmbH Nationality: Germany Address : Hamburg,
Germany |
88,199 |
49.00 |
|
Mr. Uwe Kirschbaum Nationality: German Address : Florida,
U.S.A. |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
91,800 |
51.00 |
|
Foreign-German |
2 |
88,200 |
49.00 |
|
Total |
3 |
180,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Kwanjit Yenwattana No. 7041
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
4,289,829 |
887,848 |
|
Trade Accounts Receivable
|
8,888,982 |
7,066,296 |
|
Deferred Income |
1,691,423 |
1,592,848 |
|
Other Current Assets
|
1,000,124 |
567,032 |
|
|
|
|
|
Total Current Assets
|
15,870,358 |
10,114,024 |
|
Investment in Related
Company |
3,116,100 |
3,116,100 |
|
Fixed Assets |
2,015,806 |
2,482,248 |
|
Intangible Assets |
295,358 |
531,847 |
|
Deposit |
1,679,674 |
1,211,349 |
|
Total Assets |
22,977,296 |
17,455,568 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
13,386,210 |
5,700,222 |
|
Accrued Expenses |
622,033 |
1,150,327 |
|
Short-term Loan from Related Company |
4,175,310 |
4,564,886 |
|
Current Portion of Lease Contract
Payable |
80,995 |
71,399 |
|
Accrued Interest |
82,196 |
15,570 |
|
Other Current Liabilities |
888,863 |
742,533 |
|
|
|
|
|
Total Current Liabilities |
19,235,607 |
12,244,937 |
|
|
|
|
|
Lease Contract Payable,
Net |
177,807 |
258,802 |
|
Total Liabilities |
19,413,414 |
12,503,739 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 180,000 shares |
18,000,000 |
18,000,000 |
|
|
|
|
|
Capital Paid |
18,000,000 |
18,000,000 |
|
Retained Earning - Unappropriated |
[14,436,118] |
[13,048,171] |
|
Total Shareholders' Equity |
3,563,882 |
4,951,829 |
|
Total Liabilities & Shareholders' Equity |
22,977,296 |
17,455,568 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Services Income |
70,030,100 |
64,291,410 |
|
Other Income |
373,147 |
530,260 |
|
Total Revenues |
70,403,247 |
64,821,670 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services
|
56,549,646 |
56,347,477 |
|
Selling and Administrative Expenses |
14,984,153 |
11,741,417 |
|
Total Expenses |
71,533,799 |
68,088,894 |
|
|
|
|
|
Profit/[Loss] before Interest
Expenses & Income Tax |
[1,130,552] |
[3,267,224] |
|
Interest Expenses |
[257,395] |
[82,920] |
|
Net Profit /[Loss] |
[1,387,947] |
[3,350,144] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.83 |
0.83 |
|
QUICK RATIO |
TIMES |
0.77 |
0.78 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
34.74 |
25.90 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.05 |
3.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.33 |
40.12 |
|
RECEIVABLES TURNOVER |
TIMES |
7.88 |
9.10 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
86.40 |
36.92 |
|
CASH CONVERSION CYCLE |
DAYS |
(40.07) |
3.19 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.75 |
87.64 |
|
SELLING & ADMINISTRATION |
% |
21.40 |
18.26 |
|
INTEREST |
% |
0.37 |
0.13 |
|
GROSS PROFIT MARGIN |
% |
19.78 |
13.18 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.61) |
(5.08) |
|
NET PROFIT MARGIN |
% |
(1.98) |
(5.21) |
|
RETURN ON EQUITY |
% |
(38.94) |
(67.65) |
|
RETURN ON ASSET |
% |
(6.04) |
(19.19) |
|
EARNING PER SHARE |
BAHT |
(7.71) |
(18.61) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.45 |
2.53 |
|
TIME INTEREST EARNED |
TIMES |
(4.39) |
(39.40) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
8.93 |
|
|
OPERATING PROFIT |
% |
(65.40) |
|
|
NET PROFIT |
% |
58.57 |
|
|
FIXED ASSETS |
% |
(18.79) |
|
|
TOTAL ASSETS |
% |
31.63 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.78 |
Satisfactory |
Industrial
Average |
24.66 |
|
Net Profit Margin |
(1.98) |
Deteriorated |
Industrial
Average |
2.60 |
|
Return on Assets |
(6.04) |
Deteriorated |
Industrial
Average |
3.61 |
|
Return on Equity |
(38.94) |
Deteriorated |
Industrial
Average |
5.90 |
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 19.78%. When compared with
the industry average, the ratio of the company was lower, indicated that
company was originated from the problems
with control over its costs.
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 -1.98%.
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 -6.04%.
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 -38.94%.
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 |
0.83 |
Risky |
Industrial
Average |
1.77 |
|
Quick Ratio |
0.77 |
|
|
|
|
Cash Conversion Cycle |
(40.07) |
|
|
|
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 0.83 times in 2011, same figure
as 0.83 times in 2010, then the
company may have problems meeting its short-term obligations. When compared
with the industry average, the ratio of the company was lower.
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 0.77 times in 2011,
decreased from 0.78 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 -41 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial
Average |
0.42 |
|
Debt to Equity Ratio |
5.45 |
Risky |
Industrial
Average |
0.78 |
|
Times Interest Earned |
(4.39) |
Risky |
Industrial
Average |
6.90 |
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 -4.4 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 0.84 greater than 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 |
34.74 |
Impressive |
Industrial
Average |
4.38 |
|
Total Assets Turnover |
3.05 |
Impressive |
Industrial
Average |
1.34 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
10.66 |
|
Receivables Conversion Period |
46.33 |
|
|
|
|
Receivables Turnover |
7.88 |
Impressive |
Industrial
Average |
2.77 |
|
Payables Conversion Period |
86.40 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
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 : |
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.