MIRA INFORM REPORT
|
Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
INTRIGUE
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
Ground Floor, Diamond Tower Condominium, Building, 427/5 Soi Silom 7, Silom Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.12.1993 |
|
|
|
|
Com. Reg. No.: |
0105536140689 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer
and distributor of body shape
wears |
|
|
|
|
No. of Employees : |
10 |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
INTRIGUE [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : GROUND FLOOR,
DIAMOND TOWER CONDOMINIUM
BUILDING, 427/5
SOI SILOM 7,
SILOM ROAD,
SILOM, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2233-8893-4
FAX :
[66] 2233-8894
E-MAIL
ADDRESS : intrigue@intriguethai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536140689
TAX
ID NO. : 3011396018
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMBAT PLUEMMANAS,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : BODY
SHAPE WEARS
IMPORTER AND
DISTRIBUTOR
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 December
16, 1993 as
a private limited
company under the registered
name INTRIGUE [THAILAND]
CO., LTD., by
Thai groups, with the
business objective to
import and distribute
various kinds of
body shape wears
to domestic market.
It currently employs
10 staff.
The
subject’s registered address
is Ground Floor, Diamond Tower
Condominium Building, 427/5
Soi Silom 7,
Silom Rd., Silom,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sombat Pluemmanas |
|
Thai |
59 |
|
Mrs. Yindee Pluemmanas |
|
Thai |
59 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sombat Pluemmanas is
the Managing Director.
He is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
body shape wears,
such as shape wear,
breast care, oxygen
lift, and related
products, including air
bra, low back
bra strap, enhancers,
pillows, breathable, extreme
strapless, water wear
push-up pads, breast
petals, silicones and etc.,
under various brands
“INTRIGUE”, “FASHIONFORMS”, “BODY
WRAP” and others.
IMPORT [COUNTRIES]
100% of the
products is imported
from U.S.A. and
Canada.
MAJOR
SUPPLIERS
Fashion Forms Inc. : U.S.A.
The Body Wrap
Inc. : Canada
SALES
100% of the
products is sold
locally by retail
through the leading
department store such
as Central Department
Store [Bangna, Chidlom, Pinklao,
Ladprao, and Rama
3 branch], The
Emporium and Siam
Paragon.
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.
Imports are by
L/C at sight
or T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
approximately 10 office
and sales staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
subject operates as an
importer and distributor of body
shape wears. The
products are premium
brands which have
been served high-end
market. Products consumption
remains slow with
strong competition due
to there are
many brands in
the market, while
consumption is limited
for high-end consumers.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sombat Pluemmanas Nationality: Thai Address : 691
Somdejprachaotaksin Rd., Bukkalo,
Thonburi, Bangkok |
4,985 |
49.85 |
|
Mrs. Yindee Pluemmanas Nationality: Thai Address : 691
Somdejprachaotaksin Rd., Bukkalo,
Thonburi, Bangkok |
4,985 |
49.85 |
|
Mr. Somchai Pluemmanas Nationality: Thai Address : 691
Somdejprachaotaksin Rd., Bukkalo,
Thonburi, Bangkok |
17 |
0.17 |
|
Mr. Sompol Pluemmanas Nationality: Thai Address : 691 Somdejprachaotaksin Rd.,
Bukkalo,
Thonburi, Bangkok |
10 |
0.10 |
|
Ms. Anongnart Chotewithayakul Nationality: Thai Address : 670/55
Phaholyothin Rd., Samsennai,
Phyathai, Bangkok |
1 |
0.01 |
|
Mr. Charan Laosuwan Nationality: Thai Address : 624/64
Charansanitwong Rd., Arun Amarin,
Bangkoknoi, Bangkok |
1 |
0.01 |
|
Ms. Obsiri Kijprasert Nationality: Thai Address : 347/16
Moo 1, Suksawad
Rd.,
Bangpakok, Rajburana, Bangkok |
1 |
0.01 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Pranee Krapnanont No.
8612
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
107,460.87 |
12,312.26 |
|
Trade Accounts Receivable
|
1,775,565.88 |
2,067,504.60 |
|
Inventories |
409,269.22 |
176,231.18 |
|
Other Current Assets
|
5,715.04 |
5,209.33 |
|
|
|
|
|
Total Current Assets
|
2,298,011.01 |
2,261,257.37 |
|
|
|
|
|
Fixed Assets |
96,172.65 |
138,575.98 |
|
Other Non-current Assets
|
20,735.94 |
20,735.76 |
|
Total Assets |
2,414,919.60 |
2,420,569.11 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
65,245.92 |
78,444.91 |
|
Other Current Liabilities |
289,882.78 |
278,746.10 |
|
|
|
|
|
Total Current Liabilities |
355,128.70 |
357,191.01 |
|
|
|
|
|
Long-term Loan from
Related Person |
2,073,378.48 |
2,154,979.14 |
|
Total Liabilities |
2,428,507.18 |
2,512,170.15 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
[1,013,587.58] |
[1,091,601.04] |
|
Total Shareholders' Equity |
[13,587.58] |
[91,601.04] |
|
Total Liabilities & Shareholders' Equity |
2,414,919.60 |
2,420,569.11 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
7,096,493.85 |
6,673,145.84 |
|
Interest Income |
18.32 |
49.45 |
|
Other Income |
- |
8,810.90 |
|
Total Revenues |
7,096,512.17 |
6,682,006.19 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,671,472.03 |
3,525,034.75 |
|
Selling Expenses |
809,850.32 |
229,745.09 |
|
Administrative Expenses |
2,537,176.36 |
2,816,983.07 |
|
Total Expenses |
7,018,498.71 |
6,571,762.91 |
|
|
|
|
|
Profit / [Loss] before Income Tax |
78,013.46 |
110,243.28 |
|
Income Tax |
- |
- |
|
Net Profit / [Loss] |
78,013.46 |
110,243.28 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
6.47 |
6.33 |
|
QUICK RATIO |
TIMES |
5.30 |
5.82 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
73.79 |
48.16 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.94 |
2.76 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
40.69 |
18.25 |
|
INVENTORY TURNOVER |
TIMES |
8.97 |
20.00 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
91.32 |
113.09 |
|
RECEIVABLES TURNOVER |
TIMES |
4.00 |
3.23 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
6.49 |
8.12 |
|
CASH CONVERSION CYCLE |
DAYS |
125.53 |
123.21 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
51.74 |
52.82 |
|
SELLING & ADMINISTRATION |
% |
47.16 |
45.66 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
48.26 |
47.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.10 |
1.65 |
|
NET PROFIT MARGIN |
% |
1.10 |
1.65 |
|
RETURN ON EQUITY |
% |
- |
- |
|
RETURN ON ASSET |
% |
3.23 |
4.55 |
|
EARNING PER SHARE |
BAHT |
7.80 |
11.02 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.01 |
1.04 |
|
DEBT TO EQUITY RATIO |
TIMES |
(178.73) |
(27.43) |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
6.34 |
|
|
OPERATING PROFIT |
% |
(29.24) |
|
|
NET PROFIT |
% |
(29.24) |
|
|
FIXED ASSETS |
% |
(30.60) |
|
|
TOTAL ASSETS |
% |
(0.23) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
48.26 |
Impressive |
Industrial
Average |
27.99 |
|
Net Profit Margin |
1.10 |
Deteriorated |
Industrial
Average |
2.26 |
|
Return on Assets |
3.23 |
Satisfactory |
Industrial
Average |
3.26 |
|
Return on Equity |
- |
|
Industrial
Average |
8.23 |
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 48.26%. 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 1.1%. 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 3.23%.
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 |
6.47 |
Impressive |
Industrial Average |
1.54 |
|
Quick Ratio |
5.30 |
|
|
|
|
Cash Conversion Cycle |
125.53 |
|
|
|
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 6.47 times in 2011, increased from 6.33 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 5.3 times in 2011,
decreased from 5.82 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 126 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
1.01 |
Risky |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
(178.73) |
Risky |
Industrial
Average |
1.54 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.05 |
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.
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 |
73.79 |
Impressive |
Industrial Average |
5.50 |
|
Total Assets Turnover |
2.94 |
Impressive |
Industrial Average |
1.44 |
|
Inventory Conversion Period |
40.69 |
|
|
|
|
Inventory Turnover |
8.97 |
Impressive |
Industrial Average |
3.97 |
|
Receivables Conversion Period |
91.32 |
|
|
|
|
Receivables Turnover |
4.00 |
Impressive |
Industrial Average |
2.31 |
|
Payables Conversion Period |
6.49 |
|
|
|
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.55.54 |
|
UK Pound |
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.70.02 |
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.