MIRA
INFORM REPORT
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Report Date : |
30.10.2012 |
IDENTIFICATION DETAILS
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Name : |
NEW BOXER IMPORT EXPORT CO., LTD. |
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Registered Office : |
26th
Floor, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.08.1993 |
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Com. Reg. No.: |
0105536089713 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Broker of Apparels and Other Products |
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No. of Employees : |
12 |
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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
NEW
BOXER IMPORT EXPORT
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 26th FLOOR,
BBC TOWER, 29/26
SOI EKAMAI,
SUKHUMVIT 63
ROAD, KLONGTONNUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2391-6596,
2381-8943-4
FAX :
[66] 2381-8944,
2391-6639
E-MAIL
ADDRESS : newboxer@newboxer.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536089713
TAX
ID NO. : 3011310090
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI :
53.75%
LEBANESE :
46.25%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MARWAN JAWAD
JABER, LEBANESE
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : APPARELS AND
OTHER PRODUCTS
BROKER
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 August 6,
1993 as a
private limited company under
the registered name
NEW BOXER IMPORT
EXPORT CO., LTD., by Thai
and Lebanese groups,
with the business
objective to provide commission
service of import and
export apparels and
other products for customers
in domestic and
overseas markets. It
currently employs 12
staff.
The
subject’s registered address
is 26th Flr., BBC
Tower, 29/26 Soi
Ekamai, Sukhumvit 63
Rd., Klongtonnua, Wattana,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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Mr. Marwan Jawad Jaber |
|
Lebanese |
41 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Marwan Jawad Jaber
is the Managing
Director.
He is Lebanese
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The
subject’s activity is
a commission agent
to import and
export various kinds
of apparels and
other products as
follows:
-
Men, women,
children and baby
clothes
-
Different kinds
of fashion accessories,
such as belts,
bags, umbrella, cap and etc.
-
Men, women
and children jeans,
skirt, T-shirt, sportswear,
sweater, jacket, boxer,
short, jogging suit,
pullover, polo shirt
and etc.
-
Cosmetic products
-
Consumer products
IMPORT
The
products are imported
from Republic of
China, Lebanon, Germany,
Italy, France, United
Kingdom and U.S.A.
EXPORT
The products are
exported to Republic of China,
Lebanon, U.S.A., United
Kingdom, Italy, Taiwan
and Hong Kong.
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
Commission 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
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
12 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch
office is located
at Room A 119, 666
Moo 12, T. Nongprue,
A. Banglamung, Chonburi 20260.
COMMENT
Subject’s
business performance is
moderate as its
products are varied
for consumers. Imported and
exported mostly fashion
products are expected
to slowdown due to prolong
sluggish economy in
many countries in
EU., while consumption
in Asian market
remains still from
slow economic growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 5,000,000 on December
14, 1994
Bht. 10,000,000 on
February 10, 1995
Bht. 20,000,000 on
March 28, 2008
The
latest registered capital
was increased to
Bht. 20 million, divided into
200,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Ezzat Khalil Haidar Nationality: Thai Address : 87/145
Soi Sukhumvit 63,
Klongtonnua,
Wattana, Bangkok |
101,652 |
50.82 |
|
Mr. Marwan Jawad Jaber Nationality: Lebanese Address : Beirut,
Lebanon |
92,500 |
46.25 |
|
Mrs. Krittawan Haidar Nationality: Thai Address : 19
Soi Nualnoi, Klongtonnua, Wattana,
Bangkok |
5,500 |
2.75 |
|
Mr. Marwan Haidar Nationality: Thai Address : 19
Soi Nualnoi, Klongtonnua, Wattana,
Bangkok |
116 |
0.06 |
|
Mr. Anote Taylee Nationality: Thai Address : 85/22
Soi Nualnoi, Klongtonnua, Wattana,
Bangkok |
116 |
0.06 |
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Ms. Mehnaz Haidar Nationality: Thai Address : 19
Soi Nualnoi, Klongtonnua, Wattana,
Bangkok |
116 |
0.06 |
Total Shareholders : 6
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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Thai |
5 |
107,500 |
53.75 |
|
Foreign - Lebanese |
1 |
92,500 |
46.25 |
|
Total |
6 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Panarerk Smith No.
4019
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
189,411.95 |
366,802.60 |
|
Trade Accounts & Other Receivable |
40,143,681.38 |
57,313,067.40 |
|
Inventories |
819,232.51 |
1,449,791.37 |
|
Prepaid Expenses |
148,718.09 |
- |
|
Other Current Assets
|
962,338.91 |
750,034.00 |
|
|
|
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Total Current Assets
|
42,263,382.84 |
59,879,695.37 |
|
|
|
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Fixed Assets |
10,538,485.80 |
10,600,702.02 |
|
Other Assets |
1,470,681.50 |
1,469,681.50 |
|
Total Assets |
54,272,550.14 |
71,950,078.89 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
19,079,667.28 |
18,008,549.36 |
|
Trade Accounts & Other
Payable |
2,231,576.38 |
21,217,148.82 |
|
Accrued Income Tax |
164,762.89 |
678,554.53 |
|
Other Current Liabilities |
807,942.08 |
629,020.92 |
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Total Current Liabilities |
22,283,948.63 |
40,533,273.63 |
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Reserve for Employee’s Benefit |
905,613.96 |
905,613.96 |
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Total Liabilities |
23,189,562.59 |
41,438,887.59 |
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Shareholders' Equity |
|
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
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Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning - Unappropriated |
11,082,987.55 |
10,511,191.30 |
|
Total Shareholders' Equity |
31,082,987.55 |
30,511,191.30 |
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Total Liabilities & Shareholders' Equity |
54,272,550.14 |
71,950,078.89 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
- |
1,740,315.60 |
|
Commission Income |
27,717,903.24 |
23,767,740.89 |
|
Design Income |
- |
5,525,723.86 |
|
Other Income |
762.53 |
71,348.41 |
|
Total Revenues |
27,718,665.77 |
31,105,128.76 |
|
Expenses |
|
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|
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Cost of Goods
Sold |
630,558.86 |
1,719,895.73 |
|
Selling Expenses |
17,279,928.07 |
20,521,634.41 |
|
Administrative Expenses |
4,384,982.02 |
5,195,408.60 |
|
Total Expenses |
22,295,468.95 |
27,436,938.74 |
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Profit before Financial Costs & Income Tax |
5,423,196.82 |
3,668,190.02 |
|
Financial Costs |
[4,559,137.68] |
[2,781,373.59] |
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|
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Profit before Income Tax |
864,059.14 |
886,816.43 |
|
Income Tax |
[292,262.89] |
[813,554.53] |
|
Net Profit / [Loss] |
571,796.25 |
73,261.90 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
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LIQUIDITY RATIO |
|
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CURRENT RATIO |
TIMES |
1.90 |
1.48 |
|
QUICK RATIO |
TIMES |
1.81 |
1.42 |
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.63 |
2.93 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.51 |
0.43 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
474.21 |
307.68 |
|
INVENTORY TURNOVER |
TIMES |
0.77 |
1.19 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
528.63 |
674.08 |
|
RECEIVABLES TURNOVER |
TIMES |
0.69 |
0.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1,291.75 |
4,502.75 |
|
CASH CONVERSION CYCLE |
DAYS |
(288.91) |
(3,520.99) |
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PROFITABILITY
RATIO |
|
|
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COST OF GOODS SOLD |
% |
2.27 |
5.54 |
|
SELLING & ADMINISTRATION |
% |
78.16 |
82.87 |
|
INTEREST |
% |
16.45 |
8.96 |
|
GROSS PROFIT MARGIN |
% |
97.73 |
94.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
19.57 |
11.82 |
|
NET PROFIT MARGIN |
% |
2.06 |
0.24 |
|
RETURN ON EQUITY |
% |
1.84 |
0.24 |
|
RETURN ON ASSET |
% |
1.05 |
0.10 |
|
EARNING PER SHARE |
BAHT |
2.86 |
0.37 |
|
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LEVERAGE RATIO |
|
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DEBT RATIO |
TIMES |
0.43 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.75 |
1.36 |
|
TIME INTEREST EARNED |
TIMES |
1.19 |
1.32 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(10.68) |
|
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OPERATING PROFIT |
% |
47.84 |
|
|
NET PROFIT |
% |
680.48 |
|
|
FIXED ASSETS |
% |
(0.59) |
|
|
TOTAL ASSETS |
% |
(24.57) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
97.73 |
Impressive |
Industrial
Average |
14.90 |
|
Net Profit Margin |
2.06 |
Acceptable |
Industrial
Average |
2.89 |
|
Return on Assets |
1.05 |
Deteriorated |
Industrial Average |
4.32 |
|
Return on Equity |
1.84 |
Deteriorated |
Industrial
Average |
8.55 |
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 97.73%. 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 2.06%.
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 1.05%.
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 1.84%.
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 |
1.90 |
Impressive |
Industrial
Average |
1.89 |
|
Quick Ratio |
1.81 |
|
|
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Cash Conversion Cycle |
(288.91) |
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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 1.9 times in 2011, increased from 1.48 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 1.81 times in 2011,
increased from 1.42 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 -289 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.43 |
Impressive |
Industrial
Average |
0.45 |
|
Debt to Equity Ratio |
0.75 |
Impressive |
Industrial
Average |
0.87 |
|
Times Interest Earned |
1.19 |
Deteriorated |
Industrial
Average |
4.04 |
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 1.19 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 0.43 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 Stable
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.63 |
Acceptable |
Industrial
Average |
3.57 |
|
Total Assets Turnover |
0.51 |
Deteriorated |
Industrial
Average |
1.49 |
|
Inventory Conversion Period |
474.21 |
|
|
|
|
Inventory Turnover |
0.77 |
Deteriorated |
Industrial
Average |
5.28 |
|
Receivables Conversion Period |
528.63 |
|
|
|
|
Receivables Turnover |
0.69 |
Deteriorated |
Industrial
Average |
3.49 |
|
Payables Conversion Period |
1,291.75 |
|
|
|
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.53.81 |
|
|
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.50 |
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.