MIRA
INFORM REPORT
|
Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
AUDIXSTAR
[ |
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Registered Office : |
65
Moo 2, |
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Country : |
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Financials (as on) : |
01.04.2012 |
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Date of Incorporation : |
02.04.1993 |
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Com. Reg. No.: |
0105536039724 |
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Legal Form : |
Private Limited Company |
|
|
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|
Line of Business : |
importer
and distributor of industrial
parts, components, and
wide range of
industrial tools |
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|
|
No. of Employees : |
04 |
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 : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
Company name
AUDIXSTAR [THAILAND] CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 65
MOO 2, BANGWAK
ROAD, KLONGKWANG,
PASEECHAROEN, BANGKOK
10160, THAILAND
TELEPHONE : [66] 2449-5970-1,
082 702-8464, 081
554-3681
FAX :
[66] 2449-5973
E-MAIL
ADDRESS : audixcon@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536039724
TAX
ID NO. : 3011260418
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : APRIL
1
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. RAVIN KANIYO,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : TRADING COMPANY
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 April 2,
1993 as a
private limited company
under the registered
name AUDIXSTAR [THAILAND] CO.,
LTD., by Thai groups,
with the initial
business objective to
import and distribute
heater’s parts, components,
and industrial tools
to domestic market.
Presently, its business
was expanded to
import, distribute and
export wide range
of agricultural and
industrial products. It
currently employs 4
staff.
The subject’s registered address
is 65 Moo 2,
Bangwak Rd., Klongkwang,
Paseecharoen, Bangkok 10160,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Ravin Kaniyo
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Ravin Kaniyo is
the Managing Director.
He is Thai
nationality with the
age of 43 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
trading business, by
importing and distributing industrial
parts, components, and
wide range of
industrial tools. Its
products include heater
components & parts, insulation
ceramic components, ceramic,
brass parts &
components, jewelry tools,
watchmaker tools, hobby
tools, modeler tools,
craftsman tools, lapidary
tools, electronics tools,
precision tools, engineering
tools, machine tools
and die tools;
as well as
importing, distributing and
exporting wide range
of agricultural products
including jute bag
for rice, bean
and coffee, jute
braids and ropes,
jute yarns, jute
cloths, jute shopping
bags, jute webbing & tapes, jute
felts & jute
Hessian products, sugar,
iron brush, insulation
ceramic products and
etc.
MAJOR BRANDS
“ADX”, “LOMANI”
and etc.
PURCHASE
Most of
the products are imported
from Republic of China, Taiwan
and India, the remaining is
purchased from local
suppliers.
SALES
Most of the
products are sold
locally by wholesale
to manufacturers and
end-users, the remaining
is exported to
India.
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
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
D/A and T/T
on negotiated terms.
Exports are by
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Subject
reported good business
growth in 2012 from strong
demand of various
products both domestic
and export market.
However, current demand
of industrial parts
is slowing down
from decline consumption of industrial
sector, while products
for export remains
in progress.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
July 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Ravin Kaniyo Nationality: Thai Address : 65
Moo 2, Bangwak
Rd., Klongkwang,
Paseecharoen, Bangkok |
6,000 |
60.00 |
|
Mrs. Vareerat Prakijcharoenrat Nationality: Thai Address : 65
Moo 2, Bangwak
Rd., Klongkwang,
Paseecharoen, Bangkok |
2,000 |
20.00 |
|
Mr. Anusorn Prakijcharoenrat Nationality: Thai Address : 65
Moo 2, Bangwak
Rd., Klongkwang,
Paseecharoen, Bangkok |
2,000 |
20.00 |
Total Shareholders : 3
Share Structure [as
at July 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Somchai Uramporn No.
1675
BALANCE SHEET [BAHT]
The
latest financial figures
published for April
1, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
192,360.27 |
89,335.00 |
163,912.40 |
|
Inventories |
87,628,780.04 |
7,212,350.00 |
7,478,677.05 |
|
Other Current Assets
|
5,001,274.29 |
34,558.88 |
133.01 |
|
|
|
|
|
|
Total Current Assets
|
92,822,414.60 |
7,336,243.88 |
7,642,722.46 |
|
|
|
|
|
|
Fixed Assets |
1,066.76 |
3,444.33 |
6,342.19 |
|
Other Non-current Assets |
12,000.00 |
12,000.00 |
12,000.00 |
|
Total Assets |
92,835,481.36 |
7,351,688.21 |
7,661,064.65 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Account & Other
Payable |
80,685,502.67 |
2,600,000.00 |
- |
|
Short-term Loan from Peron
or Related Company |
- |
- |
2,800,000.00 |
|
Other Current Liabilities |
5,034,056.04 |
53,961.95 |
87,717.88 |
|
|
|
|
|
|
Total Current Liabilities |
85,719,558.71 |
2,653,961.95 |
2,887,717.88 |
|
Total Liabilities |
85,719,558.71 |
2,653,961.95 |
2,887,717.88 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning-
Unappropriated |
6,115,922.65 |
3,697,726.26 |
3,773,346.77 |
|
Total Shareholders' Equity |
7,115,922.65 |
4,697,726.26 |
4,773,346.77 |
|
Total Liabilities &
Shareholders' Equity |
92,835,481.36 |
7,351,688.21 |
7,661,064.65 |
PROFIT &
LOSS ACCOUNT
|
Sale |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
50,750,407.87 |
2,688,077.68 |
14,916,954.23 |
|
Export Income |
182,384.78 |
- |
483,500.25 |
|
Total Sales |
50,932,792.65 |
2,668,077.68 |
15,400,454.48 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
43,137,480.33 |
2,293,310.84 |
13,202,843.41 |
|
Selling Expenses |
4,202,117.75 |
25,890.66 |
1,264,239.40 |
|
Administrative Expenses |
516,555.82 |
420,747.34 |
416,327.60 |
|
Total Expenses |
47,856,153.90 |
2,739,948.84 |
14,883,410.41 |
|
Profit / [Loss] before Income
Tax |
3,076,638.75 |
[51,871.16] |
517,044.07 |
|
Income Tax |
[658,442.36] |
[23,749.35] |
[57,836.08] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,418,196.39 |
[75,620.51] |
459,207.99 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
2.76 |
2.65 |
|
QUICK RATIO |
TIMES |
0.00 |
0.03 |
0.06 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
47,745.32 |
780.44 |
2,428.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.55 |
0.37 |
2.01 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
741.46 |
1,147.91 |
206.75 |
|
INVENTORY TURNOVER |
TIMES |
0.49 |
0.32 |
1.77 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
682.71 |
413.81 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
58.75 |
734.09 |
206.75 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.69 |
85.31 |
85.73 |
|
SELLING & ADMINISTRATION |
% |
9.26 |
16.62 |
10.91 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
15.31 |
13.94 |
14.27 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.04 |
(2.67) |
3.36 |
|
NET PROFIT MARGIN |
% |
4.75 |
(2.81) |
2.98 |
|
RETURN ON EQUITY |
% |
33.98 |
(1.61) |
9.62 |
|
RETURN ON ASSET |
% |
2.60 |
(1.03) |
5.99 |
|
EARNING PER SHARE |
BAHT |
241.82 |
(7.56) |
45.92 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.92 |
0.36 |
0.38 |
|
DEBT TO EQUITY RATIO |
TIMES |
12.05 |
0.56 |
0.60 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1,794.77 |
(82.55) |
|
|
OPERATING PROFIT |
% |
(4,380.77) |
(113.90) |
|
|
NET PROFIT |
% |
3,297.80 |
(116.47) |
|
|
FIXED ASSETS |
% |
(69.03) |
(45.69) |
|
|
TOTAL ASSETS |
% |
1,162.78 |
(4.04) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 1794.77%. Turnover has increased from THB 2,688,077.68
in 2011 to THB 50,932,792.65 in 2012. While net profit has increased from THB -75,620.51
in 2011 to THB 2,418,196.39 in 2012. And total assets has increased from THB 7,351,688.21
in 2011 to THB 92,835,481.36 in 2012.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.31 |
Deteriorated |
Industrial Average |
45.39 |
|
Net Profit Margin |
4.75 |
Impressive |
Industrial Average |
1.96 |
|
Return on Assets |
2.60 |
Acceptable |
Industrial Average |
4.55 |
|
Return on Equity |
33.98 |
Impressive |
Industrial Average |
12.98 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 15.31%. 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. The company's figure is 4.75%,
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. When compared with the
industry average, it was lower, the company's figure is 2.6%.
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 33.98%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.08 |
Acceptable |
Industrial Average |
1.47 |
|
Quick Ratio |
0.00 |
|
|
|
|
Cash Conversion Cycle |
58.75 |
|
|
|
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 1.08 times in 2012, decreased from 2.76 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 0.0 times in 2012, decreased from 0.03 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 59 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.92 |
Acceptable |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
12.05 |
Risky |
Industrial Average |
1.77 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.26 |
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 0.92 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 Downtrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
47,745.32 |
Impressive |
Industrial Average |
2.24 |
|
Total Assets Turnover |
0.55 |
Deteriorated |
Industrial Average |
2.32 |
|
Inventory Conversion Period |
741.46 |
|
|
|
|
Inventory Turnover |
0.49 |
Deteriorated |
Industrial Average |
6.01 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
3.86 |
|
Payables Conversion Period |
682.71 |
|
|
|
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 1148 days at the
end of 2011 to 741 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 0.32 times in year 2011 to 0.49 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.55 times and 0.37 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 Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.71 |
|
UK Pound |
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.