MIRA
INFORM REPORT
|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
A M G CO.,
LTD. |
|
|
|
|
Registered Office : |
9th Floor, A/1, Sethiwan Tower, Pan Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
15.06.2012 |
|
|
|
|
Date of Incorporation : |
23.06.2006 |
|
|
|
|
Com. Reg. No.: |
0105549075830 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER, DISTRIBUTOR
AND EXPORTER OF DIAMONDS AND
JEWELRY PRODUCTS |
|
|
|
|
No. of Employees : |
5 |
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 : |
Usually correct |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
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
A M G
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 9th FLOOR,
A/1, SETHIWAN TOWER,
139
PAN
ROAD, SILOM, BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66] 2635-3155-7
FAX :
[66] 2635-3158
E-MAIL
ADDRESS : arung8@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549075830
TAX
ID NO. : 3032243063
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI : 51%
INDIAN : 49%
FISCAL YEAR CLOSING DATE : JUNE
15
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ARUN GUPTA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : EARLY
STAGE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 23,
2006 as a
private limited company
under the name
style A M G CO.,
LTD., by Thai
and Indian groups,
with the business
objective to be
engaged in diamond
and jewelry trading
business. It currently
employs 5 staff.
The subject’s registered address is 9th
Flr., A/1, Sethiwan Tower, 139 Pan Rd., Silom,
Bangrak, Bangkok 10500, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
Mr. Arun Gupta
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Arun Gupta is
the Managing Director.
He is Indian
nationality with the
age of 40
years old.
BUSINESS OPERATIONS
The subject is engaged in
importing, distributing and
exporting various kinds
of diamonds, gemstones
and jewelry products.
PURCHASE
Thai’s jewelry products
are purchased from
local manufacturers.
IMPORT
Diamonds
and gemstones are
imported from India,
South Africa and
Hong Kong.
SALES
The imported products
are supplied to
local jewelry manufacturers
and traders.
EXPORT
The
local jewelry products
are exported to
Hong Kong, Singapore,
Australia, India, Japan, Republic
of China, U.S.A.
and the European
countries.
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
according 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
credit term of 30
days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The
subject employs 5
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The
subject reported a
slightly decrease in
its sales revenue
and net profit
as of June
15, 2012 comparing
to the previous year’s
level resulted from
a decline in
consumption of both
local and export
markets in the
past year. With an
aggressive market expansion, the subject anticipates a
good business and
a bright prospect
this year.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 4,000,000 divided into
40,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
October 15, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Arun Gupta Nationality: Indian Address : 126/57
North Sathorn Rd.,
Silom, Bangrak, Bangkok |
11,600 |
29.00 |
|
Mrs. Monika Gupta Nationality: Indian Address : 126/57
North Sathorn Rd.,
Silom, Bangrak, Bangkok |
8,000 |
20.00 |
|
Mr. Apinop Munchanda Nationality: Thai Address : 550/146
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
5,080 |
12.70 |
|
Ms. Jiraporn Chanloy Nationality: Thai Address : 244/12
Prannok Rd., Siriraj,
Bangkoknoi, Bangkok |
3,830 |
9.575 |
|
Ms. Namfon Khamkwao Nationality: Thai Address : 265/2
Moo 2, Suksawas
Rd., Bangpakok,
Rajburana, Bangkok |
3,830 |
9.575 |
|
Ms. Supansa Sararat Nationality: Thai Address : 114/2
Moo 6, Dontako, Thasala,
Nakornsrithammarat |
3,830 |
9.575 |
|
Ms. Kornchaya Munchanda Nationality: Thai Address : 550/146
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
3,830 |
9.575 |
Total Shareholders : 7
Share Structure [as
at October 15,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
20,400 |
51.00 |
|
Foreign-Indian |
2 |
19,600 |
49.00 |
|
Total |
7 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Chittinan
Ariyapongpaisal No. 10212
BALANCE SHEET [BAHT]
The
latest financial figures
published for June 15,
2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
9,124,499.59 |
11,024,468.89 |
3,056,801.88 |
|
Trade Accounts & Notes
Receivable |
24,832,111.63 |
41,428,825.17 |
37,343,613.21 |
|
Inventories |
28,343,020.44 |
20,035,609.76 |
20,919,895.88 |
|
Other Current Assets |
57,342.78 |
99,337.89 |
78,158.06 |
|
|
|
|
|
|
Total Current Assets
|
62,356,974.44 |
72,588,241.71 |
61,398,469.03 |
|
Fixed Deposit |
2,160,166.86 |
2,121,210.45 |
2,110,762.18 |
|
Fixed Assets |
420,328.64 |
650,359.73 |
995,026.74 |
|
Other Assets-Deposit
|
105,700.00 |
105,700.00 |
105,700.00 |
|
Total Assets |
65,043,169.94 |
75,465,511.89 |
64,609,957.95 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Notes Payable |
33,780,178.37 |
44,977,563.13 |
39,935,850.48 |
|
Accrued Income Tax |
439,727.88 |
935,719.51 |
532,687.37 |
|
Short-term Loan from Person or Related |
411,681.17 |
510,898.52 |
293,970.36 |
|
Accrued Expenses |
1,227,956.67 |
2,275,096.41 |
2,204,688.29 |
|
Other Current Liabilities |
7,143.91 |
52,975.33 |
12,436.31 |
|
|
|
|
|
|
Total Current Liabilities |
35,866,688.00 |
48,752,252.90 |
42,979,632.81 |
|
Total Liabilities |
35,866,688.00 |
48,752,252.90 |
42,979,632.81 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning –
Unappropriated |
25,176,481.94 |
22,713,258.99 |
17,630,325.14 |
|
Total Shareholders' Equity |
29,176,481.94 |
26,713,258.99 |
21,630,325.14 |
|
Total Liabilities &
Shareholders' Equity |
65,043,169.94 |
75,465,511.89 |
64,609,957.95 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
112,596,662.11 |
162,180,636.44 |
94,346,188.34 |
|
Gain on Exchange
Rate |
- |
936,839.71 |
90,096.01 |
|
Other Income |
204,106.48 |
224,957.90 |
217,148.12 |
|
Total Revenues |
112,800,768.59 |
163,342,434.05 |
94,653,432.47 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
103,865,365.39 |
151,945,655.35 |
86,284,704.39 |
|
Administrative Expenses |
4,315,318.10 |
4,578,019.80 |
4,388,515.53 |
|
Loss on Exchange Rate |
1,016,740.77 |
|
|
|
Total Expenses |
109,197,424.26 |
156,523,675.15 |
90,673,219.92 |
|
Profit / [Loss] before Income
Tax |
3,603,344.33 |
6,818,758.90 |
3,980,212.55 |
|
Income Tax |
[1,140,121.38] |
[1,735,825.05] |
[932,792.39] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,463,222.95 |
5,082,933.85 |
3,047,420.16 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.74 |
1.49 |
1.43 |
|
QUICK RATIO |
TIMES |
0.95 |
1.08 |
0.94 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
267.88 |
249.37 |
94.82 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.73 |
2.15 |
1.46 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
99.60 |
48.13 |
88.49 |
|
INVENTORY TURNOVER |
TIMES |
3.66 |
7.58 |
4.12 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
80.50 |
93.24 |
144.47 |
|
RECEIVABLES TURNOVER |
TIMES |
4.53 |
3.91 |
2.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
118.71 |
108.04 |
168.94 |
|
CASH CONVERSION CYCLE |
DAYS |
61.39 |
33.32 |
64.03 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.25 |
93.69 |
91.46 |
|
SELLING & ADMINISTRATION |
% |
3.83 |
2.82 |
4.65 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
7.94 |
7.03 |
8.87 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.20 |
4.20 |
4.22 |
|
NET PROFIT MARGIN |
% |
2.19 |
3.13 |
3.23 |
|
RETURN ON EQUITY |
% |
8.44 |
19.03 |
14.09 |
|
RETURN ON ASSET |
% |
3.79 |
6.74 |
4.72 |
|
EARNING PER SHARE |
BAHT |
61.58 |
127.07 |
76.19 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.65 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.23 |
1.83 |
1.99 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(30.57) |
71.90 |
|
|
OPERATING PROFIT |
% |
(47.16) |
71.32 |
|
|
NET PROFIT |
% |
(51.54) |
66.79 |
|
|
FIXED ASSETS |
% |
(35.37) |
(34.64) |
|
|
TOTAL ASSETS |
% |
(13.81) |
16.80 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -30.57%. Turnover has decreased from THB
162,180,636.44 in 2011 to THB 112,596,662.11 in 2012. While net profit has
decreased from THB 5,082,933.85 in 2011 to THB 2,463,222.95 in 2012. And total assets
has decreased from THB 75,465,511.89 in 2011 to THB 65,043,169.94 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.94 |
Satisfactory |
Industrial
Average |
9.67 |
|
Net Profit Margin |
2.19 |
Impressive |
Industrial
Average |
(0.21) |
|
Return on Assets |
3.79 |
Impressive |
Industrial
Average |
(0.26) |
|
Return on Equity |
8.44 |
Impressive |
Industrial
Average |
(0.72) |
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 7.94%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
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. Net Profit Margin ratio is 2.19%,
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
3.79%, 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 8.44%,
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 Stable
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.74 |
Impressive |
Industrial
Average |
1.67 |
|
Quick Ratio |
0.95 |
|
|
|
|
Cash Conversion Cycle |
61.39 |
|
|
|
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 1.74 times in 2012, increase from 1.49 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 0.95 times in 2012,
decrease from 1.08 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 62 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
1.23 |
Satisfactory |
Industrial
Average |
1.71 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.68 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.55 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
267.88 |
Impressive |
Industrial
Average |
11.13 |
|
Total Assets Turnover |
1.73 |
Impressive |
Industrial
Average |
1.44 |
|
Inventory Conversion Period |
99.60 |
|
|
|
|
Inventory Turnover |
3.66 |
Impressive |
Industrial
Average |
2.05 |
|
Receivables Conversion Period |
80.50 |
|
|
|
|
Receivables Turnover |
4.53 |
Impressive |
Industrial
Average |
3.26 |
|
Payables Conversion Period |
118.71 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.53 and 3.91 in
2012 and 2011 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2012
increased from 2011. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 48 days at the
end of 2011 to 100 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 7.58 times in year 2011 to 3.66 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.73 times and 2.15
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.