MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
TFL [THAILAND]
CO., LTD. |
|
|
|
|
Registered Office : |
10/23 Moo
8, Phuttharaksa Road,
T. Taibanmai, A. Muang, Samutprakarn
10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.10.1998 |
|
|
|
|
Com. Reg. No.: |
0115541004704 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer
and Distributor Industrial Chemicals |
|
|
|
|
No. of Employees : |
20 |
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 (31.03.2012) |
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
TFL
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 10/23
MOO 8, PHUTTHARAKSA
ROAD, T. TAIBANMAI,
A.
MUANG, SAMUTPRAKARN 10280, THAILAND
TELEPHONE : [66] 2388-1090-5
FAX :
[66] 2388-1099
E-MAIL
ADDRESS : dietmar_bandit@tlfth.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0115541004704
TAX
ID NO. : 3271164358
CAPITAL REGISTERED : BHT. 6,500,000
CAPITAL PAID-UP : BHT.
6,500,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ROGER BERTIL
PALMBERG, FINNISH
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on November 26,
1998 as a private
limited company under the
registered name TFL
[THAILAND] CO., LTD.,
by Foreign groups,
with the business objective
to import and
distribute industrial chemicals. It
currently employs approximate 20
staff. The subject
is a wholly
owned subsidiary of
TFL Ledertechnik GmbH.,
in Germany.
The
subject’s registered address
is 10/23 Moo
8, Phuttharaksa Road,
T. Taibanmai,
A.
Muang, Samutprakarn 10280,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Roger Bertil Palmberg |
|
Finnish |
63 |
|
Mrs. Sureerat Pienchoochaiphan |
|
Thai |
55 |
|
Mr. Udo Hoendges |
|
German |
51 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Roger Bertil Palmberg
is the Managing
Director.
He is Finnish
nationality with the
age of 63
years old.
Mrs. Sureerat Pienchoochaiphan is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 55
years old.
Mr. Dietmar Bandat is
the Sales & Marketing Manager.
He is German
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of chemical for
tanning and leather
industry.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
Germany, Japan and
Republic of China.
MAJOR
SUPPLIER
TFL
Ledertechnik GmbH.
: Germany
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and 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
according for the
past two years.
CREDIT
Sales 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.
Imports are by
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 20 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office and
warehouse at the
heading address. Premise
is located in
provincial, on the
outskirts of Bangkok.
COMMENT
The
subject is an
importer and distributor of
industrial chemicals for
tanning business. The subject’s
operating performance in
2011 was fair.
There is strong
demand from local
industry which contributed
to the subject’s
moderate sales.
Its
business outlook is
promising and expanding
steadily.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 6,500,000
divided into 65,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
TFL Ledertechnik GmbH. Nationality: German Address : Im
Schwarzenbach 2 79576
Weil am Rhein, Germany |
64,994 |
100.00 |
|
TFL Holding GmbH. Nationality: German Address : Im
Schwarzenbach 2 79576
Weil am Rhein, Germany |
1 |
- |
|
TFL Hong Kong
Limited Nationality: Chinese Address : 223
Hing Fong Road,
Kow Fong, Hong Kong |
1 |
- |
|
Mr. Ujene Katzenstein Nationality: German Address : Im
Schwarzenbach 2 79576
Weil am Rhein, Germany |
1 |
- |
|
Mr. Pierre Arman Nationality: German Address : 8-9
Boven Road, Hong
Kong |
1 |
- |
|
Mr. Karl Heinz
Myer Nationality: German Address : Freiburg,
Germany |
1 |
- |
|
Mrs. Sureerat Pienchoochaiphan Nationality: Thai Address : 377
Soi Ladprao 80,
Wangthonglang, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign |
6 |
64,999 |
100.00 |
|
Total |
7 |
65,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Wannaporn
Jongpeeradechanont No. 4098
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 |
45,526,031 |
31,975,081 |
13,043,168 |
|
Trade Accounts Receivable
|
61,918,467 |
109,897,737 |
122,049,226 |
|
Related Company Receivable |
331,253 |
629,171 |
15,478 |
|
Inventories |
26,568,851 |
32,150,589 |
31,986,667 |
|
Other Current Assets
|
390,802 |
1,229 |
345,046 |
|
|
|
|
|
|
Total Current Assets
|
134,735,404 |
174,653,807 |
167,439,585 |
|
Equipment |
1,499,739 |
6,317,232 |
7,950,810 |
|
Intangible Assets |
92,067 |
174,363 |
274,358 |
|
Deposit |
1,270,926 |
1,270,926 |
1,286,975 |
|
Total Assets |
137,598,136 |
182,416,328 |
176,951,728 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts Payable
|
12,153,805 |
22,461,178 |
5,038,463 |
|
Related Company Payable |
- |
- |
49,280,924 |
|
Advance Payment from Related Company |
- |
211,552 |
350,183 |
|
Loan from Related
Company |
20,000,000 |
85,000,000 |
85,000,000 |
|
Accrued Income Tax |
10,681,726 |
8,565,707 |
5,780,156 |
|
Other Current Liabilities |
16,400,620 |
15,559,360 |
20,631,554 |
|
|
|
|
|
|
Total Current Liabilities |
59,236,151 |
131,797,797 |
166,081,280 |
|
|
|
|
|
|
Employee Benefits Obligation |
1,788,729 |
1,486,181 |
- |
|
Total Liabilities |
61,024,880 |
133,283,978 |
166,081,280 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 65,000 shares |
6,500,000 |
6,500,000 |
6,500,000 |
|
|
|
|
|
|
Capital Paid |
6,500,000 |
6,500,000 |
6,500,000 |
|
Retained Earning Unappropriated |
70,073,256 |
42,632,350 |
4,370,448 |
|
Total Shareholders' Equity |
76,073,256 |
49,132,350 |
10,870,448 |
|
Total Liabilities &
Shareholders' Equity |
137,598,136 |
182,416,328 |
176,951,728 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
449,761,890 |
526,390,541 |
472,733,379 |
|
Other Income |
8,163,373 |
5,102,926 |
8,924,256 |
|
Total Revenues |
457,925,263 |
531,493,467 |
481,657,635 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
336,866,943 |
390,775,109 |
365,996,050 |
|
Selling Expenses |
51,835,173 |
61,488,914 |
57,636,494 |
|
Administrative Expenses |
20,257,538 |
17,620,344 |
21,414,951 |
|
Total Expenses |
408,959,654 |
469,884,367 |
445,047,495 |
|
|
|
|
|
|
Profit before Financial
Cost & Income
Tax |
48,965,609 |
61,609,100 |
36,610,140 |
|
Financial Costs |
[5,442,977] |
[5,781,491] |
[5,386,349] |
|
Profit / [Loss] before Income
Tax |
43,522,632 |
55,827,609 |
31,223,791 |
|
Income Tax |
[16,081,726] |
[17,565,707] |
[5,780,156] |
|
|
|
|
|
|
Net Profit / [Loss] |
27,440,906 |
38,261,902 |
25,443,635 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.27 |
1.33 |
1.01 |
|
QUICK RATIO |
TIMES |
1.82 |
1.08 |
0.81 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
299.89 |
83.33 |
59.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.27 |
2.89 |
2.67 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
28.79 |
30.03 |
31.90 |
|
INVENTORY TURNOVER |
TIMES |
12.68 |
12.15 |
11.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.25 |
76.20 |
94.23 |
|
RECEIVABLES TURNOVER |
TIMES |
7.26 |
4.79 |
3.87 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.17 |
20.98 |
5.02 |
|
CASH CONVERSION CYCLE |
DAYS |
65.87 |
85.25 |
121.11 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
74.90 |
74.24 |
77.42 |
|
SELLING & ADMINISTRATION |
% |
16.03 |
15.03 |
16.72 |
|
INTEREST |
% |
1.21 |
1.10 |
1.14 |
|
GROSS PROFIT MARGIN |
% |
26.92 |
26.73 |
24.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.89 |
11.70 |
7.74 |
|
NET PROFIT MARGIN |
% |
6.10 |
7.27 |
5.38 |
|
RETURN ON EQUITY |
% |
36.07 |
77.88 |
234.06 |
|
RETURN ON ASSET |
% |
19.94 |
20.98 |
14.38 |
|
EARNING PER SHARE |
BAHT |
422.17 |
588.64 |
391.44 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.73 |
0.94 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.80 |
2.71 |
15.28 |
|
TIME INTEREST EARNED |
TIMES |
9.00 |
10.66 |
6.80 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(14.56) |
11.35 |
|
|
OPERATING PROFIT |
% |
(20.52) |
68.28 |
|
|
NET PROFIT |
% |
(28.28) |
50.38 |
|
|
FIXED ASSETS |
% |
(76.26) |
(20.55) |
|
|
TOTAL ASSETS |
% |
(24.57) |
3.09 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -14.56%. Turnover has decreased from THB 526,390,541.00
in 2010 to THB 449,761,890.00 in 2011. While net profit has decreased from THB
38,261,902.00 in 2010 to THB 27,440,906.00 in 2011. And total assets has
decreased from THB 182,416,328.00 in 2010 to THB 137,598,136.00 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.92 |
Impressive |
Industrial
Average |
12.07 |
|
Net Profit Margin |
6.10 |
Impressive |
Industrial
Average |
1.82 |
|
Return on Assets |
19.94 |
Impressive |
Industrial
Average |
4.28 |
|
Return on Equity |
36.07 |
Impressive |
Industrial
Average |
11.66 |
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 26.92%. When
compared with the industry average, the ratio of the company was higher,
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 6.1%
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
19.94%, 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 36.07%, 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 Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.27 |
Impressive |
Industrial
Average |
1.50 |
|
Quick Ratio |
1.82 |
|
|
|
|
Cash Conversion Cycle |
65.87 |
|
|
|
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 2.27 times in 2011, increased from 1.33 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 1.82 times in 2011,
increased from 1.08 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 66 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
0.80 |
Impressive |
Industrial
Average |
1.51 |
|
Times Interest Earned |
9.00 |
Impressive |
Industrial
Average |
3.36 |
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 9 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 0.44 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
299.89 |
Impressive |
Industrial
Average |
10.00 |
|
Total Assets Turnover |
3.27 |
Impressive |
Industrial
Average |
2.32 |
|
Inventory Conversion Period |
28.79 |
|
|
|
|
Inventory Turnover |
12.68 |
Impressive |
Industrial
Average |
6.90 |
|
Receivables Conversion Period |
50.25 |
|
|
|
|
Receivables Turnover |
7.26 |
Impressive |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
13.17 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.26 and 4.79 in
2011 and 2010 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 2011
increased from 2010. 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 decreased from 30 days at the
end of 2010 to 29 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 12.15 times in year 2010 to 12.68
times in year 2011.
The company's Total Asset Turnover is calculated as 3.27 times and 2.89
times in 2011 and 2010 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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
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.