MIRA
INFORM REPORT
|
Report Date : |
13.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
E 3
ASIA COMPANY LIMITED |
|
|
|
|
Registered Office : |
1054, 2nd - 3rd Floor,
Soi Bangna-Trad 27, Bangna-Trad Road,
Bangna, Bangkok 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
10.05.2011 |
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Com. Reg. No.: |
0105554062040 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, distributor & service provider of engineering service and solutions |
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No. of Employees : |
06 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but Correct |
|
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
E 3 ASIA COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 1054,
2nd - 3rd FLOOR,
SOI BANGNA-TRAD 27,
BANGNA-TRAD ROAD,
BANGNA,
BANGKOK 10260
TELEPHONE : [66] 2175-4931
FAX :
[66] 2175-4932
E-MAIL
ADDRESS : sandeep@e3asia.net
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0105554062040
TAX
ID NO. : 3034491660
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
SHAREHOLDER’S PROPORTION : THAI :
65.00%
INDIAN
: 35.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KRASIAN PANDEY, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : ENGINEERING SERVICE
AND SOLUTIONS
IMPORTER, DISTRIBUTOR & SERVICE PROVIDER
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 May 10,
2011 as a
private limited company under
the registered name
E 3 ASIA COMPANY
LIMITED., by Thai and
Indian groups, with
the business objective
to supply product
and engineering services
in the field
of energy and
preservation of environment
for food and
pharmaceutical production industry.
It currently employs
6 staff.
The
subject’s registered address
is 1054, 2nd - 3rd Floor,
Soi Bangna-Trad 27, Bangna-Trad Rd.,
Bangna, Bangkok 10260,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Krasian Pandey |
[x] |
Thai |
39 |
|
Mrs. Mamta Tiwary |
|
Indian |
41 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Krasian Pandey is
the Managing Director.
He is Thai
nationality with the
age of 39 years
old.
Mr. Sandeep Bisht is
the Operation Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
trading and providing
engineering services in
the field of
energy and preservation
of environment for
food and pharmaceutical production
industry. Range of
products and services
are as follows:
·
Absorption technology
and services
·
Co-generation
& Tri-generation
·
Energy audit & conservation
·
Lubricants
& specialized oil
·
Low &
negative temperature chillers
·
Trading of
quality coal
The subject also
imports absorption chillers
and spare parts
for distribution and
installation.
PURCHASE
Its products are
purchased from suppliers in
both domestic and overseas, mainly
India.
MAJOR
SUPPLIER
Thermax
Ltd. : India
SALES
100% of the
products is sold
and serviced 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 credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
6 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 established itself as
a prominent engineering service
and solutions for energy
and preservation of
environment for food
and pharmaceutical production
industry. Its first year
operation was found
too slow, however current overall
business outlook is
improving, therefore it
expected a better
business outcome this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 6,000,000
divided into 60,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Krasian Pandey Nationality: Thai Address : 990
Soi Bangna-Trad 27, Bangna-Trad Rd.,
Bangna, Bangkok |
39,000 |
65.00 |
|
Mrs. Mamta Tiwary Nationality: Indian Address : Maharajtra,
India |
10,500 |
17.50 |
|
Mr. Gopala Krisnan Surianarayanan Nationality: Indian Address : Singapore |
10,500 |
17.50 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
39,000 |
65.00 |
|
Foreign-Indian |
2 |
21,000 |
35.00 |
|
Total |
3 |
60,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Prisana Suwanprasop No.
9336
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 was :
ASSETS
|
Current Assets |
2011 |
|
|
|
|
Cash and Cash Equivalents |
1,140,734.25 |
|
Trade Accounts & Other Receivable |
432,250.00 |
|
Short-term Lending |
3,800,000.00 |
|
Other Current Assets
|
39,797.67 |
|
|
|
|
Total Current Assets
|
5,412,781.92 |
|
|
|
|
Fixed Assets |
699,143.89 |
|
Other Non-current Assets |
38,350.00 |
|
Total Assets |
6,150,275.81 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
|
|
|
|
Trade Accounts & Other
Payable |
101,958.40 |
|
Current Portion of Liabilities |
108,911.40 |
|
Other Current Liabilities |
13,795.66 |
|
|
|
|
Total Current Liabilities |
224,665.46 |
|
|
|
|
Other Non-current Liabilities
|
408,417.67 |
|
Total Liabilities |
633,083.13 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000.00 |
|
|
|
|
Capital Paid |
6,000,000.00 |
|
Retained Earning - Unappropriated |
[482,807.32] |
|
Total Shareholders' Equity |
5,517,192.68 |
|
Total Liabilities & Shareholders' Equity |
6,150,275.81 |
PROFIT & LOSS ACCOUNT
|
sale |
May 10,
2011 - Dec. 31,
2011 |
|
|
|
|
Services Income |
846,832.71 |
|
Other Income |
38,001.70 |
|
Total sales
|
884,834.41 |
|
Expenses |
|
|
|
|
|
Cost of Services |
221,100.43 |
|
Services Expenses |
519,096.28 |
|
Administrative Expenses |
609,584.88 |
|
Other Expenses |
13,890.99 |
|
Total Expenses |
1,363,672.58 |
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
[478,838.17] |
|
Financial Costs |
[3,969.15] |
|
|
|
|
Profit / [Loss] before Income Tax |
[482,807.32] |
|
Income Tax |
- |
|
Net Profit / [Loss] |
[482,807.32] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
24.09 |
|
QUICK RATIO |
TIMES |
23.92 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.21 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.14 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
186.31 |
|
RECEIVABLES TURNOVER |
TIMES |
1.96 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
168.32 |
|
CASH CONVERSION CYCLE |
DAYS |
17.99 |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
26.11 |
|
SELLING & ADMINISTRATION |
% |
71.98 |
|
INTEREST |
% |
0.47 |
|
GROSS PROFIT MARGIN |
% |
78.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(56.54) |
|
NET PROFIT MARGIN |
% |
(57.01) |
|
RETURN ON EQUITY |
% |
(8.75) |
|
RETURN ON ASSET |
% |
(7.85) |
|
EARNING PER SHARE |
BAHT |
(8.05) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.10 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.11 |
|
TIME INTEREST EARNED |
TIMES |
(120.64) |
|
|
|
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
78.38 |
Impressive |
Industrial
Average |
26.42 |
|
Net Profit Margin |
(57.01) |
Deteriorated |
Industrial
Average |
1.22 |
|
Return on Assets |
(7.85) |
Deteriorated |
Industrial
Average |
0.79 |
|
Return on Equity |
(8.75) |
Deteriorated |
Industrial
Average |
1.02 |
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 78.38%. 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 -57.01%.
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 -7.85%.
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 -8.75%.
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 |
24.09 |
Impressive |
Industrial
Average |
1.54 |
|
Quick Ratio |
23.92 |
|
|
|
|
Cash Conversion Cycle |
17.99 |
|
|
|
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 24.09 times in 2011, increased from 0 time, 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 23.92 times in 2011,
increased from 0 time, 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 18 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.10 |
Impressive |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
0.11 |
Impressive |
Industrial
Average |
1.08 |
|
Times Interest Earned |
(120.64) |
Risky |
Industrial Average |
2.08 |
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 -120.64 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 0.1 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.21 |
Deteriorated |
Industrial
Average |
2.82 |
|
Total Assets Turnover |
0.14 |
Deteriorated |
Industrial
Average |
1.01 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
4.90 |
|
Receivables Conversion Period |
186.31 |
|
|
|
|
Receivables Turnover |
1.96 |
Acceptable |
Industrial
Average |
2.63 |
|
Payables Conversion Period |
168.32 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
UK Pound |
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
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.