MIRA INFORM REPORT
|
Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CLINTON INTERTRADE
CO., LTD. |
|
|
|
|
Registered Office : |
249/77 Bangbon 1
Road, Bangbon, Bangkok 10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2006 |
|
|
|
|
Com. Reg. No.: |
0105549078693 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Hardware |
|
|
|
|
No. of Employees : |
35 |
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 : |
Slow but 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
CLINTON
INTERTRADE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 249/77 BANGBON
1 ROAD, BANGBON,
BANGKOK
10150
TELEPHONE : [66] 2899-1889
FAX :
[66] 2899-1700
E-MAIL
ADDRESS : clinton.sales@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549078693
TAX
ID NO. : 3032304405
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. RUENGSAK RUENGPREECHAVECH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 35
LINES OF
BUSINESS : HARDWARE 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 June 30,
2006 as a
private limited company under
the registered name
CLINTON INTERTRADE CO.,
LTD. by Thai group,
the Ruengpreechavech family,
Its business objective
initially to be imported
and distributed small
hardware and home
improvement products. Since
2009, its business
has expanded into power
tools lines and
water pumps. It
currently employs approximate
35 staff.
The
subject’s registered address
is 249/77 Bangbon 1 Road,
Bangbon, Bangkok 10150,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ruengsak Ruengpreechavech |
|
Thai |
61 |
|
Mrs. Varee Ruengpreechavech |
|
Thai |
57 |
|
Ms. Pornnapa Ruengpreechavech |
|
Thai |
35 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Ruengsak Ruengpreechavech is
the Managing Director.
He is Thai
nationality with the
age of 61
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
hardware, and home
improvement tools, including
professional power tools,
water pumps and
DIY tools. Range
of products are
grinding tools, router,
trimmer, cutting tools,
blower, sawing equipment,
grinding motor, screw
driver, water pump & accessories, garden
tiller, marble cutter,
finishing belt sander,
electric planer and
etc.
MAJOR BRANDS
“CLINTON”, “MASAWA”,
“BOZZ”, “TRYTON” and
etc.
PURCHASE
Most of the
products are imported
from Republic of
China, Taiwan, Japan,
Germany and U.S.A.,
the remaining is purchased
from local suppliers.
MAJOR
SUPPLIER
Bozz
Tools Inc. : U.S.A.
SALES
100% of the
products is sold
locally to wholesalers
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
L/C at sight
or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Bangbon
Branch, 26/237 Moo
6, Ekachai Rd.,
Bangbon, Bangkok]
Kasikornbank
Public Co., Ltd.
[Sukhapiban 1- Bangbon Branch,
Sukhapiban 1- Bangbon Rd.,
Bangkae, Bangkok]
Krung
Thai Bank Public
Co., Ltd.
[Rajawong
Branch, 80/2 Anuwong
Rd., Chakrawad, Samphantawong, Bangkok]
EMPLOYMENT
The
subject currently employs
35 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Rising demand of the products due to consumption increased. Subject has retained its place in the local
market to provide quality tools and
hardware products, as
well as potential
for the future prospect
as assuming growth
continues with current trends.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 10,000,000 divided into
100,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Ruengsak Ruengpreechavech Nationality: Thai Address : 168
Soi Bangkae 16,
Bangkae, Bangkok |
30,000 |
30.00 |
|
Mrs. Varee Ruengpreechavech Nationality: Thai Address : 168
Soi Bangkae 16,
Bangkae, Bangkok |
30,000 |
30.00 |
|
Mr. Ruengsin Ruengpreechavech Nationality: Thai Address : 168
Soi Bangkae 16,
Bangkae, Bangkok |
10,000 |
10.00 |
|
Ms. Pornnapa Ruengpreechavech Nationality: Thai Address : 168
Soi Bangkae 16,
Bangkae, Bangkok |
10,000 |
10.00 |
|
Mr. Ruengkiat Ruengpreechavech Nationality: Thai Address : 168 Soi Bangkae
16, Bangkae, Bangkok
|
10,000 |
10.00 |
|
Ms. Wannapa Ruengpreechavech Nationality: Thai Address : 168
Soi Bangkae 16,
Bangkae, Bangkok |
10,000 |
10.00 |
Total Shareholders : 6
Share Structure [as
at April 30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Daorung Skulthongbai No.
2106
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 |
475,505.57 |
143,769.72 |
970,924.46 |
|
Trade Accounts and
Notes Receivable |
35,608,205.60 |
21,187,244.11 |
35,549,328.00 |
|
Inventories |
116,102,901.14 |
84,153,056.31 |
51,446,914.35 |
|
Other Current Assets
|
1,843,297.14 |
1,675,169.38 |
895,861.25 |
|
|
|
|
|
|
Total Current Assets
|
154,029,909.49 |
107,159,239.52 |
88,863,028.06 |
|
|
|
|
|
|
Fixed Assets |
5,600,691.71 |
905,959.47 |
288,770.15 |
|
Other Non - current Assets |
927,086.92 |
43,000.00 |
- |
|
Total Assets |
160,557,688.08 |
108,108,198.99 |
89,151,798.21 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
444,680.20 |
617,688.21 |
4,490,071.61 |
|
Trade Accounts and
Other Payable |
140,174,625.00 |
91,638,697.51 |
72,028,706.84 |
|
Current Portion of
Long-term Liabilities |
1,559,700.00 |
- |
- |
|
Other Current Liabilities |
3,463,182.13 |
2,932,522.52 |
1,221,995.62 |
|
|
|
|
|
|
Total Current Liabilities |
145,642,187.36 |
95,188,908.24 |
77,740,774.07 |
|
Long-term Liabilities, Net
of Current Portion |
389,925.00 |
- |
- |
|
Total Liabilities |
146,032,112.36 |
95,188,908.24 |
77,740,774.07 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning Unappropriated |
4,525,575.72 |
2,919,290.75 |
1,411,024.14 |
|
Total Shareholders' Equity |
14,525,575.72 |
12,919,290.75 |
11,411,024.14 |
|
Total Liabilities & Shareholders' Equity |
160,557,688.08 |
108,108,198.99 |
89,151,798.21 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
245,802,244.00 |
152,183,530.17 |
150,810,514.27 |
|
Other Income |
106,897.20 |
8,062,060.04 |
1,404,390.40 |
|
Total Revenues |
245,909,141.20 |
160,245,590.21 |
152,214,904.67 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
211,767,251.50 |
143,486,241.85 |
138,256,574.31 |
|
Selling Expenses |
9,336,336.76 |
7,067,505.77 |
3,997,121.16 |
|
Administrative Expenses |
20,242,431.43 |
6,199,698.52 |
4,721,766.60 |
|
Total Expenses |
241,346,019.69 |
156,753,446.14 |
146,975,462.07 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
4,563,121.51 |
3,492,144.07 |
5,239,442.60 |
|
Financial Costs |
[2,065,350.71] |
[1,332,483.83] |
[4,302,389.51] |
|
Profit / [Loss] before Income
Tax |
2,497,770.80 |
2,159,660.24 |
937,053.09 |
|
Income Tax |
[891,485.83] |
[651,393.63] |
[452,506.14] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,606,284.97 |
1,508,266.61 |
484,546.95 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.06 |
1.13 |
1.14 |
|
QUICK RATIO |
TIMES |
0.25 |
0.22 |
0.47 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
43.89 |
167.98 |
522.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.53 |
1.41 |
1.69 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
200.11 |
214.07 |
135.82 |
|
INVENTORY TURNOVER |
TIMES |
1.82 |
1.71 |
2.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
52.88 |
50.82 |
86.04 |
|
RECEIVABLES TURNOVER |
TIMES |
6.90 |
7.18 |
4.24 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
241.60 |
233.11 |
190.16 |
|
CASH CONVERSION CYCLE |
DAYS |
11.39 |
31.77 |
31.70 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.15 |
94.29 |
91.68 |
|
SELLING & ADMINISTRATION |
% |
12.03 |
8.72 |
5.78 |
|
INTEREST |
% |
0.84 |
0.88 |
2.85 |
|
GROSS PROFIT MARGIN |
% |
13.89 |
11.01 |
9.26 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.86 |
2.29 |
3.47 |
|
NET PROFIT MARGIN |
% |
0.65 |
0.99 |
0.32 |
|
RETURN ON EQUITY |
% |
11.06 |
11.67 |
4.25 |
|
RETURN ON ASSET |
% |
1.00 |
1.40 |
0.54 |
|
EARNING PER SHARE |
BAHT |
16.06 |
15.08 |
4.85 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.91 |
0.88 |
0.87 |
|
DEBT TO EQUITY RATIO |
TIMES |
10.05 |
7.37 |
6.81 |
|
TIME INTEREST EARNED |
TIMES |
2.21 |
2.62 |
1.22 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
61.52 |
0.91 |
|
|
OPERATING PROFIT |
% |
30.67 |
(33.35) |
|
|
NET PROFIT |
% |
6.50 |
211.27 |
|
|
FIXED ASSETS |
% |
518.21 |
213.73 |
|
|
TOTAL ASSETS |
% |
48.52 |
21.26 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 61.52%. Turnover has increased from THB 152,183,530.17
in 2010 to THB 245,802,244.00 in 2011. While net profit has increased from THB
1,508,266.61 in 2010 to THB 1,606,284.97 in 2011. And total assets has
increased from THB 108,108,198.99 in 2010 to THB 160,557,688.08 in 2011.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.89 |
Impressive |
Industrial
Average |
8.56 |
|
Net Profit Margin |
0.65 |
Acceptable |
Industrial
Average |
0.99 |
|
Return on Assets |
1.00 |
Acceptable |
Industrial
Average |
1.89 |
|
Return on Equity |
11.06 |
Impressive |
Industrial
Average |
7.75 |
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 13.89%. 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 0.65%.
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, its was lower, the company's figure is 1%.
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 11.06%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.06 |
Satisfactory |
Industrial
Average |
1.36 |
|
Quick Ratio |
0.25 |
|
|
|
|
Cash Conversion Cycle |
11.39 |
|
|
|
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 1.06 times in 2011, decreased from 1.13 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 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 0.25 times in 2011,
increased from 0.22 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 12 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.91 |
Acceptable |
Industrial
Average |
0.74 |
|
Debt to Equity Ratio |
10.05 |
Risky |
Industrial
Average |
3.06 |
|
Times Interest Earned |
2.21 |
Impressive |
Industrial
Average |
1.66 |
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 2.21 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 0.91 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
43.89 |
Impressive |
Industrial
Average |
11.08 |
|
Total Assets Turnover |
1.53 |
Satisfactory |
Industrial
Average |
1.93 |
|
Inventory Conversion Period |
200.11 |
|
|
|
|
Inventory Turnover |
1.82 |
Acceptable |
Industrial
Average |
2.77 |
|
Receivables Conversion Period |
52.88 |
|
|
|
|
Receivables Turnover |
6.90 |
Impressive |
Industrial
Average |
5.14 |
|
Payables Conversion Period |
241.60 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.90 and 7.18 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
decreased from 2010. This would suggest the company had deteriorated 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 214 days at the
end of 2010 to 200 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 1.71 times in year 2010 to 1.82 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.53 times and 1.41
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 Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.62 |
|
|
1 |
Rs.83.69 |
|
Euro |
1 |
Rs.71.41 |
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.