MIRA
INFORM REPORT
|
Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
KUEHNE + NAGEL LTD. |
|
|
Registered Office : |
9th Floor, |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
08.03.1985 |
|
|
|
|
|
|
Com. Reg. No.: |
0105528008441 |
|
|
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
|
|
Line of Business : |
International Air/Sea Freight Forwarder |
|
|
|
|
|
|
No. of Employees : |
300 |
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
Source : CIA
Company name
KUEHNE + NAGEL LTD.
SUMMARY
BUSINESS
ADDRESS : 9th FLOOR,
1550
NEW
RAJTHEWI,
TELEPHONE : [66] 2207-0990
FAX :
[66] 2207-0672
E-MAIL
ADDRESS : ladda.upalanond@kuehne-nagel.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528008441
TAX
ID NO. : 3101333312
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
SWISS
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PETER EMIL
GAEHWILER, GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : INTERNATIONAL AIR/SEA
FREIGHT FORWARDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on March 8,
1985 as a
private limited company
under the originally
registered name “Nakutrac
[Thailand] Ltd.,” by Thai
and Swiss groups.
On
January 5, 1998 subject’s
name was changed to
be KUEHNE &
NAGEL [THAILAND] LTD.
On
October 5, 2001
subject’s name was changed
again to KUEHNE
& NAGEL LTD.
On
September 23, 2004,
subject’s name was finally
changed to KUEHNE
+ NAGEL LTD.
Its
business objective is
to provide international
freight forwarding service.
Subject currently employs
approximate 300 staff.
Subject
is a joint
venture between Consolidation
Transport Co., Ltd.,
Thai company and
Kuehne + Nagel International AG.,
the Swiss company.
The
subject’s registered address
was initially located
at 3366/5 Manorom
Bldg., Rama 4
Rd., Klongton, Klongtoey,
Bangkok 10110.
On
May 2, 2000, subject’s
registered address was
relocated to 9th Floor,
Thanapoom Tower, 1550
New Petchburi Rd.,
Makkasan, Rajthewi, Bangkok
10400, and this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Ladda Upalanont |
[x] |
Thai |
56 |
|
Mr. Paskau Pierre Mashal
Marton |
|
German |
- |
|
Mr. Peter Emil Gaehwiler |
[x] |
German |
59 |
|
Mr. Andreas Weber |
|
Swiss |
53 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Peter Emil Gaehwiler
is the Managing
Director.
He is German
nationality with the
age of 59
years old.
Mrs. Ladda Upalanont is
the General Manager & Financial Director.
She is Thai
nationality with the
age of 56
years old.
Ms. Nipa Chuasing is
the Operation Manager.
She is Thai
nationality.
Note:
Mr. Volk Mar Mueller,
the German nationality
will become the
Managing Director on
January 1, 2013.
BUSINESS OPERATIONS
The subject is
engaged in international
air & sea freight forwarding service.
Range of services
include import, export,
custom clearance, project
and contract logistics,
through 6 branch
offices, located at the following
addresses:
·
122 Moo 2, T.
Thungsukla, A. Sriracha, Chonburi
20110.
·
23/118 Moo 2,
Thepkasattri Rd., T. Kohkaew,
A. Muang, Phuket 83000.
·
488/14
Moo 1, T. Samrongtai, A. Phrapradaeng, Samutprakarn
10130.
·
Rm.125-126,
302 Building,
A. Bangplee,
Samutprakarn 10540.
·
Rm.105/1,
312 Building,
A. Bangplee,
Samutprakarn 10540.
·
55 Moo
7, T.
Suthep, A. Muang,
Chiangmai 50000.
SERVICES
Its services are served
to customers both
local and overseas,
in U.S.A., Europe,
Asian, Middle East
and Africa region.
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
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
Bangkok Bank Public
Co., Ltd.
[Soonthornkosa Branch,
EMPLOYMENT
The
subject employs approximately
300 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
COMMENT
The subject
still maintains its
good business despite
many factors has
affected overall economic
situation like massive floods
in Thailand in
2011, slow consumption
in EU market and
etc.
Subject’s
business has a
bright prospect, which
forwarding and logistic services
have strong growth
in order to
serve industrial improvement.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 3,000,000 divided into
30,000 shares of
Bht. 100 each.
The capital was
increased later as
following:
Bht. 6,000,000
on March
16, 1988
Bht. 10,000,000
on September
27, 1988
Bht. 15,000,000
on February
17, 2005
Bht. 20,000,000
on December 29,
2008
The
latest registered capital
was increased to
Bht. 20,000,000 divided into
200,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Consolidation Transport Co.,
Ltd. Nationality: Thai Address :
Sathorn, |
101,995 |
51.00 |
|
Kuehne + Nagel
International AG. Nationality: Swiss Address : |
98,000 |
49.00 |
|
Mr. Decha Thippawang Nationality: Thai Address : |
1 |
- |
|
Mrs. Ladda Upalanont Nationality: Thai Address : 204/167
Moo 6, Prawes,
|
1 |
- |
|
Mr. Chamnian Pinyodulyajate Nationality: Thai Address : |
1 |
- |
|
Mr. Thawatchai Saengchaem Nationality: Thai Address : 26/146
Moo 7, Klongkum,
Bunengkum, |
1 |
- |
|
Mr. Sarana Charoenjit Nationality: Thai Address :
Donmuang, |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
102,000 |
51.00 |
|
Foreign - Swiss |
1 |
98,000 |
49.00 |
|
Total |
7 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Wannaporn Jongpeeradejanont No.
4098
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash and Cash Equivalents |
191,966,099 |
173,618,742 |
|
Trade Accounts Receivable
|
214,709,260 |
235,210,288 |
|
Other Current Assets
|
1,505,657 |
627,143 |
|
Total Current Assets
|
408,181,016 |
409,456,173 |
|
Building Improvement & Equipment |
18,243,684 |
10,157,999 |
|
Intangible Assets |
971,410 |
177,333 |
|
Deposit |
6,196,653 |
5,753,570 |
|
Total Assets |
433,592,763 |
425,545,075 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Trade Accounts Payable |
121,849,675 |
131,826,556 |
|
Accrued Services |
91,460,819 |
100,559,328 |
|
Short-term Loan from Related
Company |
15,100,000 |
15,600,000 |
|
Employee Benefit for
Estimated Liabilities |
10,887,900 |
8,244,150 |
|
Other Current Liabilities |
42,193,492 |
43,407,155 |
|
Total Current Liabilities |
281,491,886 |
299,637,189 |
|
Employee Benefit for
Estimated Liabilities |
6,010,123 |
1,487,017 |
|
Total Liabilities |
287,502,000 |
301,124,206 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000 |
20,000,000 |
|
Capital Paid |
20,000,000 |
20,000,000 |
|
Statutory Reserve |
2,007,405 |
2,007,405 |
|
Retained Earning - Unappropriated |
124,083,349 |
102,413,464 |
|
Total Shareholders' Equity |
146,090,754 |
124,420,869 |
|
Total Liabilities & Shareholders' Equity |
433,592,763 |
425,545,075 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Services Income |
901,872,246 |
892,681,993 |
|
Other Income |
1,814,132 |
2,181,609 |
|
Total Revenues |
903,686,378 |
894,863,602 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services |
507,238,186 |
554,048,815 |
|
Administrative Expenses |
309,971,562 |
243,640,992 |
|
Loss on Exchange Rate |
1,790,735 |
5,328,349 |
|
Total Expenses |
819,000,483 |
803,018,156 |
|
Profit before Finance Cost & Income Tax |
84,685,895 |
91,845,446 |
|
Interest Expenses |
[321,482] |
[263,255] |
|
Profit before Income Tax |
84,364,413 |
91,582,191 |
|
Income Tax |
[32,694,528] |
[31,668,387] |
|
Net Profit / [Loss] |
51,669,885 |
59,913,804 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.45 |
1.37 |
|
QUICK RATIO |
TIMES |
1.44 |
1.36 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
49.43 |
87.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.08 |
2.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
86.90 |
96.17 |
|
RECEIVABLES TURNOVER |
TIMES |
4.20 |
3.80 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
87.68 |
86.85 |
|
CASH CONVERSION CYCLE |
DAYS |
(0.79) |
9.33 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
56.24 |
62.07 |
|
SELLING & ADMINISTRATION |
% |
34.37 |
27.29 |
|
INTEREST |
% |
0.04 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
43.96 |
38.18 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.39 |
10.29 |
|
NET PROFIT MARGIN |
% |
5.73 |
6.71 |
|
RETURN ON EQUITY |
% |
35.37 |
48.15 |
|
RETURN ON ASSET |
% |
11.92 |
14.08 |
|
EARNING PER SHARE |
BAHT |
258.35 |
299.57 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.66 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.97 |
2.42 |
|
TIME INTEREST EARNED |
TIMES |
263.42 |
348.88 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
1.03 |
|
|
OPERATING PROFIT |
% |
(7.80) |
|
|
NET PROFIT |
% |
(13.76) |
|
|
FIXED ASSETS |
% |
79.60 |
|
|
TOTAL ASSETS |
% |
1.89 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
43.96 |
Impressive |
Industrial
Average |
20.22 |
|
Net Profit Margin |
5.73 |
Impressive |
Industrial
Average |
2.52 |
|
Return on Assets |
11.92 |
Impressive |
Industrial
Average |
3.99 |
|
Return on Equity |
35.37 |
Impressive |
Industrial
Average |
9.58 |
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 43.96%. 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 5.73%,
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
11.92%, 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 35.37%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.45 |
Impressive |
Industrial
Average |
1.27 |
|
Quick Ratio |
1.44 |
|
|
|
|
Cash Conversion Cycle |
(0.79) |
|
|
|
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 1.45 times in 2011, increased from 1.37 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 1.44 times in 2011,
increased from 1.36 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 -1 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Acceptable |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
1.97 |
Risky |
Industrial
Average |
1.32 |
|
Times Interest Earned |
263.42 |
Impressive |
Industrial
Average |
2.28 |
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 263.43 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 0.66 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 |
49.43 |
Impressive |
Industrial
Average |
2.45 |
|
Total Assets Turnover |
2.08 |
Impressive |
Industrial
Average |
1.54 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
46.00 |
|
Receivables Conversion Period |
86.90 |
|
|
|
|
Receivables Turnover |
4.20 |
Satisfactory |
Industrial
Average |
4.40 |
|
Payables Conversion Period |
87.68 |
|
|
|
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.54.16 |
|
|
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
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.