MIRA
INFORM REPORT
|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
BKK GRANDE [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
179/169 Moo 3, Soi Ruammitpattana, Vacharapol Road, Tharaeng, Bangkhen, Bangkok 10220 |
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
23.08.2006 |
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|
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Com. Reg. No.: |
0105549101717 |
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
The subject is
engaged in property
business, to provide
rental service of
residential and commercial
building, advertising board, land
and etc., |
|
|
|
|
No. of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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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
BKK
GRANDE [THAILAND] CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 179/169 MOO
3, SOI RUAMMITPATTANA,
VACHARAPOL ROAD,
THARAENG,
BANGKHEN, BANGKOK
10220
TELEPHONE : [66] 2519-7388,
2519-7391
FAX :
[66] 2519-7388
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549101717
TAX
ID NO. : 3032365994
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SINARAT ONNOMPHAN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : PROPERTY FOR
RENT
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on August 23,
2006 as a
private limited company
under the registered
name BKK GRANDE
[THAILAND] CO., LTD.
by Thai group,
with the objective
to engage in
property business. It
currently employs 2
staff.
The
subject’s registered address
is 179/169 Moo 3, Soi
Ruammitpattana, Vacharapol
Rd., Tharaeng, Bangkhen,
Bangkok 10220, and
this is the
subject’s current operation address.
THE BOARD
OF DIRECTOR
Mr. Sinarat Onnomphan
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sinarat Onnomphan is
the Managing Director.
He is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject
is engaged in property business,
to provide rental
service of residential
and commercial building,
advertising board, land and
etc., as the
followings:
·
Five units
of a three-storey
commercial building
·
Two residential
housings at Soi
Vacharapol, Ramindra Rd., Bangkok
·
Advertising board
·
Two
units at “The Village at Town” condominium,
Wangthonglang district, Bangkok.
·
Land
·
Etc.
PURCHASE
100%
of purchasing is
from local suppliers.
SALES
100%
of its service
is for end-users.
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
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
2 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 engaged
in property business
for rent. However,
the subject’s operating
performance was not satisfactory as
it has obtained
accumulated net loss
and deficit retained
earnings for many
consecutive years, which
was mainly from large
amount of financial
cost, which resulted to
a small profit
margin. Its rental
revenue was stagnant
for many years
as well. Therefore, the credit
given to the
subject should be
treated on a
secured basis only.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100
each with fully
paid.
On
December 19, 2006,
the capital was
increased to Bht.
40,000,000 divided into
400,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Disadat Nakornthap Nationality: Thai Address : 272
Moo 4, T. Thakradan, A. Srisawad,
Kanchanaburi |
376,000 |
94.00 |
|
Mr. Piyapong Yodthong Nationality: Thai Address :
168 Moo 4,
T. Prue, A. Prasart, Surin
|
4,000 |
1.00 |
|
Mrs. Pornpana Vichaikul Nationality: Thai Address : 7
Moo 2, T. Nongsai,
A. Nangrong, Buriram |
4,000 |
1.00 |
|
Mr. Chatchai Vichaikul Nationality: Thai Address : 7
Moo 2, T. Nongsai,
A. Nangrong,
Buriram |
4,000 |
1.00 |
|
Mr. Anand Chaba Nationality: Thai Address : 21
Moo 9, T. Namwaen,
A. Chiangkham, Payao |
4,000 |
1.00 |
|
Mrs. Vichuda Thongngamdee Nationality: Thai Address : 193/1
Mahachakrapad Rd., T. Naimuang, A.
Muang, Phisanuloke |
4,000 |
1.00 |
|
Mr. Surasak Hongchan Nationality: Thai Address : 10
Moo 16, T. Karnlueng, A. Uthumpornpisai, Srisaket |
4,000 |
1.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
400,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Rungthip Charoendamrongkiat No.
5788
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,852.11 |
2,952.33 |
4,953.21 |
|
Trade Accounts & Other
Receivable |
43,670,237.33 |
34,492,933.53 |
- |
|
Short-term Loan |
83,500,929.05 |
83,637,809.05 |
83,744,764.05 |
|
Other Current Assets
|
5,730.60 |
1,505.00 |
25,301,636.17 |
|
|
|
|
|
|
Total Current Assets
|
127,179,749.09 |
118,135,199.91 |
109,051,353.43 |
|
|
|
|
|
|
Fixed Assets |
45,722,080.87 |
46,638,348.15 |
47,614,191.32 |
|
Total Assets |
172,901,829.96 |
164,773,548.06 |
156,665,544.75 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
67,832,086.54 |
50,238,857.23 |
- |
|
Current Portion of
Long-term Loans |
59,553,988.80 |
45,861,115.95 |
39,953,784.66 |
|
Other Current Liabilities |
300.00 |
- |
34,563,306.37 |
|
|
|
|
|
|
Total Current Liabilities |
127,386,375.34 |
96,099,973.18 |
74,517,091.03 |
|
Other Long-term Loan |
39,446,011.20 |
53,138,884.05 |
59,046,215.34 |
|
Total Liabilities |
166,832,386.54 |
149,238,857.23 |
133,563,306.37 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000.00 |
40,000,000.00 |
40,000,000.00 |
|
|
|
|
|
|
Capital Paid |
40,000,000.00 |
40,000,000.00 |
40,000,000.00 |
|
Retained Earning Unappropriated |
[33,930,556.58] |
[24,465,309.17] |
[16,897,761.62] |
|
Total Shareholders' Equity |
6,069,443.42 |
15,534,690.83 |
23,102,238.38 |
|
Total Liabilities &
Shareholders' Equity |
172,901,829.96 |
164,773,548.06 |
156,665,544.75 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Other Income |
9,188,530.76 |
9,227,304.01 |
9,218,072.41 |
|
Total Revenues |
9,188,530.76 |
9,227,304.01 |
9,218,072.41 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Administrative Expenses |
1,322,720.12 |
1,449,851.56 |
1,409,394.23 |
|
Total Expenses |
1,322,720.12 |
1,449,851.56 |
1,409,394.23 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
7,865,810.64 |
7,777,452.45 |
7,808,678.18 |
|
Financial Costs |
[17,331,058.05] |
[15,345,000.00] |
[15,345,015.55] |
|
|
|
|
|
|
Net Profit / [Loss] |
[9,465,247.41] |
[7,567,547.55] |
[7,536,337.37] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.00 |
1.23 |
1.46 |
|
QUICK RATIO |
TIMES |
1.00 |
1.23 |
1.12 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
- |
- |
- |
|
SELLING & ADMINISTRATION |
% |
- |
- |
- |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
- |
- |
|
NET PROFIT MARGIN |
% |
- |
- |
- |
|
RETURN ON EQUITY |
% |
(155.95) |
(48.71) |
(32.62) |
|
RETURN ON ASSET |
% |
(5.47) |
(4.59) |
(4.81) |
|
EARNING PER SHARE |
BAHT |
(23.66) |
(18.92) |
(18.84) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.96 |
0.91 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
27.49 |
9.61 |
5.78 |
|
TIME INTEREST EARNED |
TIMES |
0.45 |
0.51 |
0.51 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
|
OPERATING PROFIT |
% |
1.14 |
(0.40) |
|
|
NET PROFIT |
% |
(25.08) |
(0.41) |
|
|
FIXED ASSETS |
% |
(1.96) |
(2.05) |
|
|
TOTAL ASSETS |
% |
4.93 |
5.18 |
|
ANNUAL GROWTH :
ACCEPTABLE
Net profit has decreased from THB -7,567,547.55 in 2010 to THB
-9,465,247.41 in 2011. And total assets has increased from THB 164,773,548.06 in
2010 to THB 172,901,829.96 in 2011.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
14.12 |
|
Net Profit Margin |
- |
|
Industrial
Average |
(0.59) |
|
Return on Assets |
(5.47) |
Deteriorated |
Industrial
Average |
(0.15) |
|
Return on Equity |
(155.95) |
Deteriorated |
Industrial
Average |
(0.55) |
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 -5.47%.
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 -155.95%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.00 |
Risky |
Industrial
Average |
1.45 |
|
Quick Ratio |
1.00 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 time in 2011, decrease from
1.23 times, then the company may have problems meeting its short-term
obligations. When compared with the industry average, the ratio of the company
was lower.
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 time in 2011, decrease from 1.23 times, by
excluding inventory, the company may have problems meeting current liabilities.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.96 |
Acceptable |
Industrial
Average |
0.68 |
|
Debt to Equity Ratio |
27.49 |
Risky |
Industrial
Average |
2.30 |
|
Times Interest Earned |
0.45 |
Risky |
Industrial
Average |
0.31 |
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 0.46 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.96 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 : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
0.42 |
|
Total Assets Turnover |
- |
|
Industrial Average |
0.25 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
0.24 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
5.04 |
|
Payables Conversion Period |
- |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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.