MIRA INFORM REPORT
|
Report Date : |
24.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI RUAM YONT TRADING CO., LTD. |
|
|
|
|
Registered Office : |
99 Somrudee Building,
Bangna-Trad Road, Km. 2,
Bangna, Bangkok 10260 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
25.08.2003 |
|
|
|
|
Com. Reg. No.: |
0105546101104 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
line of business
: |
Importer and Distributor of Vehicle Spare Parts |
|
|
|
|
No. of Employees : |
12 |
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 – 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
THAI RUAM YONT
TRADING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 99 SOMRUDEE BUILDING,
BANGNA-TRAD ROAD,
KM. 2, BANGNA,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2396-1803-6,
2396-1301, 087 514-2414
FAX : [66] 2396-1806,
2396-0296
E-MAIL ADDRESS : thairuam@tryt.co.th
ppiyamit@gmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0105546101104 [Former : 10754601538]
TAX ID NO. : 3031035478
CAPITAL REGISTERED : BHT.
3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PIYAMIT PORNLERTPITHAYAKUL, THAI
MANAGING DIRECTOR
NO. OF STAFF : 12
LINES OF BUSINESS : VEHICLE SPARE
PARTS
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 August
25, 2003 as
a private limited
company under the name
style THAI RUAM
YONT TRADING CO.,
LTD., by Thai
groups, with the
business objective to
distribute various kinds
of vehicle spare
parts for local
market. It currently
employs 12 staff.
The subject’s registered
address was initially
located at 171-173
Soi Chula 3,
Rama 6 Rd.,
Wangmai, Pathumwan, Bangkok
10330.
On December 19,
2006, subject’s registered
address was relocated
to 99 Somrudee
Bldg., Bangna-Trad Rd.,
KM. 2, Bangna, Bangkok
10260, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Piyamit Pornlertpithayakul |
|
Thai |
47 |
|
Mr. Chiraroj Dulyapuntavej |
|
Thai |
44 |
|
Mrs. Anchalee
Pornlertpithayakul |
|
Thai |
41 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Piyamit
Pornlertpithayakul is the
Managing Director.
He is Thai
nationality with the
age of 47
years old.
Mr. Chiraroj Dulyapuntavej is
the Deputy Managing
Director and Sales
& Marketing Manager.
He is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of vehicle
spare parts, such
as engine parts,
electrical parts, suspension parts,
air braking parts,
and transmission parts,
especially for bus,
trailer and truck.
MAJOR BRANDS
“MITSUBISHI”, “BENZ”, “ISUZU”,
“MAGNUM”, “ROBELLO”, “SCANIA”,
“CONTITECH”, “BOSCH”, “GOETZE”,
“HALDEX”, “WEBCO”, “ELRING”,
“YENMAK”, “SKF”, “MAN”,
“VOLVO”, “TOURISMO”, “ATEGO”
and etc.
PURCHASE
The products are
purchased from supplier
both in domestic
and overseas, mainly
in Germany, Taiwan,
Republic of China,
Japan, Malaysia, South
Korea, Turkey, Italy,
Sweden, Brazil and
United Kingdom.
MAJOR SUPPLIER
Conti Tech AG. : Germany
SALES
100% of the
products is sold
locally by both
wholesale and retail
to dealers and
end-users mainly garage,
bus and truck
assembling plant.
RELATED AND AFFILIATED COMPANIES
Thai Ruam Yont
Limited Partnership
Business Type :
Distributor of automobile
spare parts.
Inter Asia Autopart
Co., Ltd.
Business Type :
Importer and distributor
of automotive parts.
Thai Seri Yont
Limited Partnership
Business Type :
Importer and distributor
of automotive parts.
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
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales are by
cash or on the credit
term of 30
days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
12 staff.
LOCATION DETAILS
The premise is
rented for administrative office
and warehouse at the heading
address. Premise is
located in commercial/residential area.
Branch office is
located at 171-177
Soi Chula 3, Rama
6 Rd., Wangmai,
Pathumwan, Bangkok 10330.
COMMENT
Subject was formed as
an importer and
distributor of automotive parts
especially for bus,
truck and trailer. Subject reported
a slowdown in
its sales revenue
in the last
quarter of 2011
from a severe
flood crisis. However,
the situation is now back
to normal, and
demand of the
products is improving
and expanding steadily.
The subject anticipate a
good business prospect
this year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Piyamit Pornlertpithayakul Nationality: Thai Address : 171-173
Rama 6 Rd.,
Wangmai,
Pathumwan, Bangkok |
8,000 |
26.67 |
|
Mr. Chiraroj Dulyapuntavej Nationality: Thai Address : 317/15
Mahaprutharam, Bangrak, Bangkok |
8,000 |
26.67 |
|
Mr. Preeda Pornlertpithayakul Nationality: Thai Address : 127/275-276
Chongnonsee, Yannawa, Bangkok |
7,500 |
25.00 |
|
Mr. Preecha Pornlertpithayakul Nationality: Thai Address : 171-173
Rama 6 Rd.,
Wangmai,
Pathumwan, Bangkok |
3,000 |
10.00 |
|
Mr. Chaiwat Pornlertpithayakul Nationality: Thai Address : 171-173
Rama 6 Rd.,
Wangmai,
Pathumwan, Bangkok |
3,000 |
10.00 |
|
Mrs. Anchalee Pornlertpithayakul Nationality: Thai Address : 171-173
Rama 6 Rd.,
Wangmai,
Pathumwan, Bangkok |
400 |
1.33 |
|
Mr. Visith Sirikarnchanawanit Nationality: Thai Address : 50
Wangmai, Pathumwan, Bangkok
|
100 |
0.33 |
Total Shareholders : 7
Share Structure
[as at April
30, 2011]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Poonsak Chotejirawat No.
4423
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash
Equivalents |
915,487.48 |
607,326.76 |
|
Trade Accounts &
Other Receivable |
513,590.03 |
822,803.22 |
|
Inventories |
22,957,543.23 |
20,396,819.77 |
|
Total Current Assets
|
24,386,620.74 |
21,826,949.75 |
|
|
|
|
|
Fixed Assets |
4,230,533.48 |
2,574,980.04 |
|
Other Non-current Assets |
- |
45,000.00 |
|
Total Assets |
28,617,154.22 |
24,446,929.79 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
6,571,096.53 |
8,130,742.00 |
|
Accrued Income Tax |
35,431.48 |
37,506.42 |
|
Other Current Liabilities |
83,995.71 |
41,505.28 |
|
Total Current Liabilities |
6,690,523.72 |
8,209,753.70 |
|
Vehicle Installment Payable |
1,563,009.36 |
880,646.00 |
|
Loan from Director Payable |
13,335,000.00 |
8,395,000.00 |
|
Total Liabilities |
21,588,533.08 |
17,485,399.70 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
4,028,621.14 |
3,961,530.09 |
|
Total Shareholders' Equity |
7,028,621.14 |
6,961,530.09 |
|
Total Liabilities & Shareholders' Equity |
28,617,154.22 |
24,446,929.79 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
22,479,763.33 |
27,000,086.91 |
|
Other Income |
66,715.47 |
351,804.73 |
|
Total Revenues |
22,546,478.80 |
27,351,891.64 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
17,074,243.46 |
21,969,408.58 |
|
Selling Expenses |
3,596,181.64 |
3,364,469.46 |
|
Administrative Expenses |
1,579,220.72 |
1,488,915.52 |
|
Total Expenses |
22,249,645.82 |
26,822,793.56 |
|
Profit / [Loss] before Financial
Cost & Income Tax |
296,832.98 |
529,098.08 |
|
Financial Cost |
[104,749.48] |
[73,237.32] |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
192,083.50 |
455,860.76 |
|
Income Tax |
[124,992.45] |
[126,112.26] |
|
Net Profit / [Loss] |
67,091.05 |
329,748.50 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.64 |
2.66 |
|
QUICK RATIO |
TIMES |
0.21 |
0.17 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.31 |
10.49 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.79 |
1.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
490.77 |
338.87 |
|
INVENTORY TURNOVER |
TIMES |
0.74 |
1.08 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
8.34 |
11.12 |
|
RECEIVABLES TURNOVER |
TIMES |
43.77 |
32.81 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
140.47 |
135.08 |
|
CASH CONVERSION CYCLE |
DAYS |
358.64 |
214.91 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
75.95 |
81.37 |
|
SELLING & ADMINISTRATION |
% |
23.02 |
17.98 |
|
INTEREST |
% |
0.47 |
0.27 |
|
GROSS PROFIT MARGIN |
% |
24.34 |
19.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.32 |
1.96 |
|
NET PROFIT MARGIN |
% |
0.30 |
1.22 |
|
RETURN ON EQUITY |
% |
0.95 |
4.74 |
|
RETURN ON ASSET |
% |
0.23 |
1.35 |
|
EARNING PER SHARE |
BAHT |
2.24 |
10.99 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.07 |
2.51 |
|
TIME INTEREST EARNED |
TIMES |
2.83 |
7.22 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(16.74) |
|
|
OPERATING PROFIT |
% |
(43.90) |
|
|
NET PROFIT |
% |
(79.65) |
|
|
FIXED ASSETS |
% |
64.29 |
|
|
TOTAL ASSETS |
% |
17.06 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.34 |
Impressive |
Industrial Average |
15.74 |
|
Net Profit Margin |
0.30 |
Deteriorated |
Industrial Average |
1.55 |
|
Return on Assets |
0.23 |
Deteriorated |
Industrial Average |
2.93 |
|
Return on Equity |
0.95 |
Deteriorated |
Industrial Average |
7.57 |
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. Gross Profit Margin is 24.34%. 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 0.3%. 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 0.23%.
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 0.95%.
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 |
3.64 |
Impressive |
Industrial Average |
1.63 |
|
Quick Ratio |
0.21 |
|
|
|
|
Cash Conversion Cycle |
358.64 |
|
|
|
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 3.64 times in 2011, increase from 2.66 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 0.21 times in 2011,
increase from 0.17 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 359 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
3.07 |
Risky |
Industrial Average |
1.59 |
|
Times Interest Earned |
2.83 |
Satisfactory |
Industrial Average |
2.88 |
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 2.84 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 0.75 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 |
5.31 |
Acceptable |
Industrial Average |
7.82 |
|
Total Assets Turnover |
0.79 |
Deteriorated |
Industrial Average |
1.89 |
|
Inventory Conversion Period |
490.77 |
|
|
|
|
Inventory Turnover |
0.74 |
Deteriorated |
Industrial Average |
4.22 |
|
Receivables Conversion Period |
8.34 |
|
|
|
|
Receivables Turnover |
43.77 |
Impressive |
Industrial Average |
4.85 |
|
Payables Conversion Period |
140.47 |
|
|
|
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.53.91 |
|
UK Pound |
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.