MIRA
INFORM REPORT
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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
THAI A TOP LOGISTICS CO., LTD. |
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Registered Office : |
413/65 Soi Sukhumvit
101/1 Road, Bangjak, Prakanong, |
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Country : |
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Financials (as on) : |
31.01.2012 |
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Date of Incorporation : |
25.02.2010 |
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Com. Reg. No.: |
0115553002981 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Logistics and Transportation Service |
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No. of Employees : |
3 |
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RATING & COMMENTS
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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
THAI
A TOP LOGISTICS
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 413/65 SOI
SUKHUMVIT 101/1 ROAD,
BANGJAK,
PRAKANONG, BANGKOK
10260, THAILAND
TELEPHONE : [66] 2350-2214-5
FAX :
[66] 2350-2216
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0115553002981
TAX
ID NO. : 3033861303
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : JANUARY 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PUMARIN BUAYUEN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : LOGISTICS AND
TRANSPORTATION SERVICE
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 February 25,
2010 as a
private limited company
by Thai groups, under
the registered name
THAI A TOP
LOGISTICS CO., LTD.,
with the business
objective to provide
logistics and transportation services.
It currently employs
3 staff.
The
subject’s registered address
is 413/65 Sukhumvit
101/1 Rd., Bangjak,
Prakanong, Bangkok 10260,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Pumarin Buayuen
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pumarin Buayuen is
the Managing Director.
He is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject
is engaged in
providing logistics and
transportation services as
follows:
-
Air/sea freight
forwarder
-
Tax refund
under section 19
bis, tax compensation and
all tax refund
services
-
Consultant for
customs formalites, including
privileges under customs
law
-
Customs clearance
import and export for
air/post by EDI
proceeding and proclaim
appealing legal for
release penalties under
customs law
-
Logistics and
supply chain, port
agent and ship
chartering
-
etc.
PURCHASE
100%
of purchasing is
from local suppliers.
SALES/ SERVICES
100% of the
services is served
to manufacturers, importers
and exporters.
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 and services
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.
BANKING
Krung
Thai Bank Public
Co., Ltd.
EMPLOYMENT
The
subject currently employs
3 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject is a
small operator of logistic
and transportation services. The
services are varies
for both domestic
and overseas forwarding.
However, its business
remains small and
growth is at
slow pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 1,000 shares
of Bht. 1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
May 31, 2012]
|
NAME |
HOLDING |
% |
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Mr. Pumarin Buayuen Nationality: Thai Address : 47
Moo 10, Bangsapan,
Bangsapannoi, Prachuabkirikhan
|
500 |
50.00 |
|
Mr. Rattanachai Phoman Nationality: Thai Address : 32/23
Moo 5, Praeksa,
Muang,
Samutprakarn |
250 |
25.00 |
|
Mr. Kiatbodin Chanapatchotikorn Nationality: Thai Address : 38/54
Moo 5, Jomthong,
Jomthong, Bangkok |
250 |
25.00 |
Total Shareholders : 3
Share Structure [as
at May 31,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
3 |
1,000 |
100.00 |
|
Foreign |
- |
- |
- |
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Total |
3 |
1,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Napasorn Lamlertsombat No.
10220
BALANCE SHEET [BAHT]
The
latest financial figures
published for January
31, 2012 & 2011
were:
ASSETS
|
Current
Assets |
2012 |
2011 |
|
|
|
|
|
Cash in
Hand & at
Bank |
145,666.62 |
59,227.73 |
|
Trade Accounts & Other Receivable |
238,925.84 |
14,827.06 |
|
Short-term Lending |
1,050,000.00 |
1,250,000.00 |
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Other Current
Assets |
22,571.44 |
22,166.82 |
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|
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Total Current
Assets |
1,457,163.90 |
1,346,221.61 |
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Fixed Assets |
17,293.78 |
16,670.85 |
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Total Assets |
1,474,457.68 |
1,362,892.46 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
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|
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Accrued Income
Tax |
7,444.74 |
9,951.30 |
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Other Current
Liabilities |
16,954.96 |
33,000.74 |
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Total Current Liabilities
|
24,399.70 |
42,952.04 |
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Total Liabilities |
24,399.70 |
42,952.04 |
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Shareholders' Equity |
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Share
capital : Baht 1,000 par
value authorized,
issued and fully
paid
share capital 1,000
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 - Unappropriated |
450,057.98 |
319,940.42 |
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Total Shareholders'
Equity |
1,450,057.98 |
1,319,940.42 |
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Total Liabilities &
Shareholders' Equity
|
1,474,457.68 |
1,362,892.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
Feb. 25,
2010 – Jan. 1, 2011 |
|
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Service Income |
2,966,936.43 |
1,178,567.67 |
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Sales Income |
- |
687,814.08 |
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Other Income |
18,412.41 |
14,831.64 |
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Total Revenues |
2,985,348.84 |
1,881,213.39 |
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Expenses |
|
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Cost of
Service |
2,124,598.52 |
497,081.23 |
|
Cost of
Goods Sold |
- |
618,874.00 |
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Selling Expenses |
- |
7,846.53 |
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Administrative Expenses |
675,205.96 |
406,379.14 |
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Total Expenses |
2,799,804.48 |
1,530,180.90 |
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Profit / [Loss] before
Financial Cost &
Income
Tax |
185,544.36 |
351,032.49 |
|
Financial Cost |
[720.89] |
[37.35] |
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Income Tax |
[54,705.91] |
[31,054.72] |
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Net Profit / [Loss] |
130,117.56 |
319,940.42 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
59.72 |
31.34 |
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QUICK RATIO |
TIMES |
58.80 |
30.83 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
171.56 |
111.95 |
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TOTAL ASSETS TURNOVER |
TIMES |
2.01 |
1.37 |
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INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
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INVENTORY TURNOVER |
TIMES |
- |
- |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
29.39 |
2.90 |
|
RECEIVABLES TURNOVER |
TIMES |
12.42 |
125.88 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
29.39 |
2.90 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
71.61 |
59.79 |
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SELLING & ADMINISTRATION |
% |
22.76 |
22.19 |
|
INTEREST |
% |
0.02 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
29.01 |
41.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.25 |
18.81 |
|
NET PROFIT MARGIN |
% |
4.39 |
17.14 |
|
RETURN ON EQUITY |
% |
8.97 |
24.24 |
|
RETURN ON ASSET |
% |
8.82 |
23.48 |
|
EARNING PER SHARE |
BAHT |
130.12 |
319.94 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.02 |
0.03 |
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DEBT TO EQUITY RATIO |
TIMES |
0.02 |
0.03 |
|
TIME INTEREST EARNED |
TIMES |
257.38 |
9,398.46 |
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ANNUAL GROWTH |
|
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SALES GROWTH |
% |
58.97 |
|
|
OPERATING PROFIT |
% |
(47.14) |
|
|
NET PROFIT |
% |
(59.33) |
|
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FIXED ASSETS |
% |
3.74 |
|
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TOTAL ASSETS |
% |
8.19 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.01 |
Impressive |
Industrial
Average |
21.14 |
|
Net Profit Margin |
4.39 |
Impressive |
Industrial
Average |
2.66 |
|
Return on Assets |
8.82 |
Impressive |
Industrial
Average |
4.04 |
|
Return on Equity |
8.97 |
Satisfactory |
Industrial
Average |
9.25 |
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 29.01%. 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 4.39% 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
8.82%, 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. When compared with the
industry average, it was lower, the company's figure is 8.97%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
59.72 |
Impressive |
Industrial
Average |
1.31 |
|
Quick Ratio |
58.80 |
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Cash Conversion Cycle |
29.39 |
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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 59.72 times in 2012, increased from 31.34 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 58.8 times in 2012,
increased from 30.83 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 30 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.02 |
Impressive |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
0.02 |
Impressive |
Industrial
Average |
1.21 |
|
Times Interest Earned |
257.38 |
Impressive |
Industrial
Average |
2.38 |
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 257.39 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 0.02 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 |
171.56 |
Impressive |
Industrial
Average |
2.31 |
|
Total Assets Turnover |
2.01 |
Impressive |
Industrial
Average |
1.44 |
|
Inventory Conversion Period |
- |
|
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|
|
Inventory Turnover |
- |
|
Industrial
Average |
45.71 |
|
Receivables Conversion Period |
29.39 |
|
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|
Receivables Turnover |
12.42 |
Impressive |
Industrial
Average |
4.37 |
|
Payables Conversion Period |
- |
|
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|
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.53.63 |
|
|
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.69.74 |
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.