MIRA
INFORM REPORT
|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
AVALON NUTRIMART COMPANY
LIMITED |
|
|
|
|
Registered Office : |
7/3 Soi Sawanvithi, Suthisarn Road, Huaykwang, Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
24.03.1999 |
|
|
|
|
Com. Reg. No.: |
0105542021327 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Chemicals |
|
|
|
|
No. of Employees : |
10 |
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 |
|
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
AVALON NUTRIMART COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 7/3 SOI SAWANVITHI,
SUTHISARN ROAD,
HUAYKWANG, BANGKOK
10320
TELEPHONE : [66] 2274-7588,
2274-7768, 089 117-9551
FAX : [66] 2274-7591
E-MAIL ADDRESS : arjnarongch@hotmail.com
REGISTRATION ADDRESS : 119/318 MOO 3, SOI
SIAM THANEE,
KUBON ROAD, THARAENG, BANGKHEN,
BANGKOK 10220
ESTABLISHED : 1999
REGISTRATION NO. : 0105542021327
TAX ID NO. : 3021038939
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ARJ-NARONG CHANTRANUKUL, THAI
MANAGING DIRECTOR
NO. OF STAFF : 10
LINES OF BUSINESS : 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 March
24, 1999 as
a private limited
company under the
name style AVALON
NUTRIMART COMPANY LIMITED
by Thai groups,
with the business objective
to import and
distribute chemicals for
pharmaceutical and cosmetic
industries in domestic
market. It currently
employs 10 staff.
The subject’s registered
address is 119/318
Moo 3, Soi Siam
Thanee, Kubon Rd.,
Tharaeng, Bangkhen, Bangkok
10220, while the subject’s
current operation address
is located at
7/3 Soi Sawanvithi,
Suthisarn Rd., Huaykwang,
Bangkok 10320.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Arj-narong Chantranukul |
|
Thai |
47 |
|
Mrs. Sawong Charuvijit |
|
Thai |
70 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Arj-narong Chantranukul is
the Managing Director.
He is Thai
nationality with the
age of 47 years
old.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing
chemicals for pharmaceutical and
cosmetic production industries.
IMPORT
80% of the
products is imported
from United States
of America, Sweden,
Italy, U.K., India,
Taiwan, Republic of China, Japan
and Spain, the
remaining 20% is
purchased from local
suppliers.
MAJOR SUPPLIER
Unimart Remedies Ltd. : India
SALES
100% of the
products is sold
locally by wholesale
to dealers and
manufacturers.
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 to IRICO’S
DATABASE 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.
[Ratchada-Huaykwang Branch :
Ratchadapisek Rd., Huaykang,
Bangkok]
EMPLOYMENT
The subject employs
approximately 10 staff
[office and sales
staff]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject’s sales in
2011 was substantially
increased with strong
sales comparing to
the previous year.
However in 2012,
industrial improvement from
strong domestic consumption
had resulted to
an increase in
its sales.
Generally, its business
remains healthy.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into
10,000 shares of
Bht. 100 each
The capital was
increased later as followed:
Bht. 3,000,000
on May 23,
2008
Bht. 5,000,000
on March 23,
2009
The latest
registered capital was
increased to Bht.
5,000,000 divided into
Bht. 50,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Arj-narong Chantranukul Nationality: Thai Address : 119/318
Moo 3, Soi Siam
Thanee, Kubon Rd.,
Tharaeng, Bangkhen, Bangkok
|
49,996 |
99.96 |
|
Ms. Prim Uthitanont Nationality: Thai Address : 22/4
Rama 6 Rd., Samsennai,
Phyathai, Bangkok |
1 |
0.01 |
|
Mrs. Mettha Amartayakul Nationality: Thai Address : 44
Soi 20 June
11, Yaek 15, Samsennok,
Huaykwang, Bangkok |
1 |
0.01 |
|
Mrs. Sawong Charuvijit Nationality: Thai Address : 13
Soi 20 June
11, Yaek 15, Samsennok,
Huaykwang, Bangkok |
1 |
0.01 |
|
Mr. Palin Suwakon Nationality: Thai Address : 22/2
Rama 6 Rd., Samsennai,
Phyathai, Bangkok |
1 |
0.01 |
Total Shareholders : 5
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
50,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Yuwamon Malai
No. 8426
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011,
2010 & 2009
were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,932,569.98 |
4,712,260.75 |
4,859,848.68 |
|
Trade Accounts &
Other Receivable |
43,321,097.69 |
34,603,077.47 |
27,516,245.42 |
|
Inventories |
20,845,959.72 |
14,832,161.27 |
9,762,609.88 |
|
Other Current Assets |
85,738.00 |
56,401.58 |
566,431.02 |
|
Total Current Assets
|
69,185,365.39 |
54,203,901.07 |
42,705,135.00 |
|
|
|
|
|
|
Investment |
- |
- |
1,000,000.00 |
|
Long-term Lending to Related Person |
3,435,513.96 |
9,042,465.01 |
10,150,350.99 |
|
Fixed Assets |
1,124,971.72 |
1,471,257.83 |
1,559,340.94 |
|
Other Non-current Assets |
2,111,974.83 |
2,105,462.48 |
2,207,473.31 |
|
Total Assets |
75,857,825.90 |
66,823,086.39 |
57,622,300.24 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan
from Financial Institution |
29,631,567.19 |
39,345,419.39 |
36,619,779.40 |
|
Trade Accounts &
Other Payable |
37,548,799.67 |
19,739,662.79 |
15,550,271.77 |
|
Accrued Income Tax |
- |
227,576.91 |
- |
|
Other Current Liabilities |
155,119.63 |
11,359.37 |
222,518.34 |
|
Total Current Liabilities |
67,335,486.49 |
59,324,018.46 |
52,392,569.51 |
|
Total Liabilities |
67,335,486.49 |
59,324,018.46 |
52,392,569.51 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares
|
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
3,522,339.41 |
2,499,067.93 |
229,730.73 |
|
Total Shareholders' Equity |
8,522,339.41 |
7,499,067.93 |
5,229,730.73 |
|
Total Liabilities &
Shareholders' Equity |
75,857,825.90 |
66,823,086.39 |
57,622,300.24 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
160,146,979.00 |
112,408,587.50 |
91,215,608.03 |
|
Other Income |
1,713,248.02 |
1,374,463.75 |
833,791.10 |
|
Total Revenues |
161,860,227.02 |
113,783,051.25 |
92,049,399.13 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
151,728,127.21 |
103,676,043.47 |
86,639,457.09 |
|
Selling &
Administrative Expenses |
6,375,648.88 |
5,327,836.08 |
4,584,688.62 |
|
Interest Expenses |
- |
- |
1,695,329.24 |
|
Total Expenses |
158,103,776.09 |
109,003,879.55 |
92,919,474.95 |
|
Profit before Financial
Cost & Income Tax |
3,756,450.93 |
4,779,171.70 |
[870,075.82] |
|
Financial Cost |
[2,552,341.55] |
[2,212,507.59] |
- |
|
|
|
|
|
|
Profit before Income
Tax |
1,204,109.38 |
2,566,664.11 |
[870,075.82] |
|
Income Tax |
[180,837.90] |
[297,326.91] |
- |
|
Net Profit / [Loss] |
1,023,271.48 |
2,269,337.20 |
[870,075.82] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.03 |
0.91 |
0.82 |
|
QUICK RATIO |
TIMES |
0.72 |
0.66 |
0.62 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
142.36 |
76.40 |
58.50 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.11 |
1.68 |
1.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
50.15 |
52.22 |
41.13 |
|
INVENTORY TURNOVER |
TIMES |
7.28 |
6.99 |
8.87 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
98.74 |
112.36 |
110.11 |
|
RECEIVABLES TURNOVER |
TIMES |
3.70 |
3.25 |
3.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
90.33 |
69.50 |
65.51 |
|
CASH CONVERSION CYCLE |
DAYS |
58.55 |
95.08 |
85.72 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.74 |
92.23 |
94.98 |
|
SELLING & ADMINISTRATION |
% |
3.98 |
4.74 |
5.03 |
|
INTEREST |
% |
1.59 |
1.97 |
1.86 |
|
GROSS PROFIT MARGIN |
% |
6.33 |
8.99 |
5.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.35 |
4.25 |
(0.95) |
|
NET PROFIT MARGIN |
% |
0.64 |
2.02 |
(0.95) |
|
RETURN ON EQUITY |
% |
12.01 |
30.26 |
(16.64) |
|
RETURN ON ASSET |
% |
1.35 |
3.40 |
(1.51) |
|
EARNING PER SHARE |
BAHT |
20.47 |
45.39 |
(17.40) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.89 |
0.89 |
0.91 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.90 |
7.91 |
10.02 |
|
TIME INTEREST EARNED |
TIMES |
1.47 |
2.16 |
(0.51) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
42.47 |
23.23 |
|
|
OPERATING PROFIT |
% |
(21.40) |
(649.28) |
|
|
NET PROFIT |
% |
(54.91) |
360.82 |
|
|
FIXED ASSETS |
% |
(23.54) |
(5.65) |
|
|
TOTAL ASSETS |
% |
13.52 |
15.97 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is 42.47%. Turnover has increased from THB
112,408,587.50 in 2010 to THB 160,146,979.00 in 2011. While net profit has decreased
from THB 2,269,337.20 in 2010 to THB 1,023,271.48 in 2011. And total assets has
increased from THB 66,823,086.39 in 2010 to THB 75,857,825.90 in 2011.
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
6.33 |
Acceptable |
Industrial Average |
12.33 |
|
Net Profit Margin |
0.64 |
Deteriorated |
Industrial Average |
1.67 |
|
Return on Assets |
1.35 |
Deteriorated |
Industrial Average |
6.96 |
|
Return on Equity |
12.01 |
Deteriorated |
Industrial Average |
41.91 |
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 6.33%. 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 0.64%.
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, it was lower, the company's figure is 1.35%.
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 12.01%.
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 |
1.03 |
Impressive |
Industrial Average |
0.97 |
|
Quick Ratio |
0.72 |
|
|
|
|
Cash Conversion Cycle |
58.55 |
|
|
|
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 1.03 times in 2011, increased from 0.91 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 0.72 times in 2011,
increased from 0.66 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 |
0.89 |
Acceptable |
Industrial Average |
0.88 |
|
Debt to Equity Ratio |
7.90 |
Risky |
Industrial Average |
5.69 |
|
Times Interest Earned |
1.47 |
Acceptable |
Industrial Average |
2.76 |
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 1.48 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 0.89 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 : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
142.36 |
Impressive |
Industrial Average |
19.27 |
|
Total Assets Turnover |
2.11 |
Deteriorated |
Industrial Average |
4.75 |
|
Inventory Conversion Period |
50.15 |
|
|
|
|
Inventory Turnover |
7.28 |
Deteriorated |
Industrial Average |
19.01 |
|
Receivables Conversion Period |
98.74 |
|
|
|
|
Receivables Turnover |
3.70 |
Satisfactory |
Industrial Average |
4.38 |
|
Payables Conversion Period |
90.33 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.70 and 3.25 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 52 days at the
end of 2010 to 50 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 6.99 times in year 2010 to 7.28 times
in year 2011.
The company's Total Asset Turnover is calculated as 2.11 times and 1.68
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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.